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.
So, what do consumers want?

Multi-product customers trust banks more based on level of convenience, while banks thought it was the products they provide.

Customers say they want relevant messaging — not more messaging. Yet banks seem intent on ramping up communication.



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.
How can you master the Customer Experience?
The answers may surprise you.



Consumers' Communication Preferences:

savings icon


Exclusive savings and promotions for customers only

offers icon

Competitive offers

Improving competitive offers or matching offers from other banks

security icon


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
How can banks respond?
5 steps to improve market relevance





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