How To Become Your Customers’ Favorite Bank (Even If You Can’t Be Their Only One)
A commissioned study conducted by Forrester Consulting on behalf of Equifax | January 2019
Seventy-five percent of consumers generally agree that banks do a good job of helping them with common banking tasks. This is both good and bad news for providers. Customers seem content, but that contentment doesn’t equate to loyalty or an optimal customer experience.
The study finds a clear disconnect between what providers think consumers want, and what consumers actually say they want. In fact, the study indicates that personalization, relevance and simplicity play a big role in meeting today’s evolving customer expectations.
Seventy-five percent of consumers generally agree that banks do a good job of helping them with common banking tasks. This is both good and bad news for providers. Customers seem content, but that contentment doesn’t equate to loyalty or an optimal customer experience.
The study finds a clear disconnect between what providers think consumers want, and what consumers actually say they want. In fact, the study indicates that personalization, relevance and simplicity play a big role in meeting today’s evolving customer expectations.
Forrester Identifies Your Customers' Expectations
Perceived customer needs vs actual customers needs
Get the full details on how to close the gap.
Banking relationships are fragmented
47% of consumers don’t feel their primary bank knows enough about them to make relevant offers.
Consumers' Communication Preferences:
Savings
Exclusive savings and promotions for customers only
Competitive offers
Improving competitive offers or matching offers from other banks
Security
Promise of greater security and privacy
"Over 50% of banking providers consider themselves to be ahead of the competition in relevance of messaging and product/service personalization, but consumers do not agree."
Source: a commissioned study conducted by Forrester Consulting on behalf of Equifax, January 2019
Ready to take action?
Solutions from Equifax can help.