There has never been a time where the focus on the customer experience has been greater. The banking industry needs to re-imagine how they deliver and measure customer satisfaction to be able to meet growing consumer expectations.
It is no secret that customer experience is the new competitive battleground. In fact, by 2020, it is predicted that customer experience will overtake price and product as a key brand differentiator. Unfortunately, this is easier said than done in financial services, as legacy banks and credit unions are highly regulated, complex, and historically set in their ways when it comes to implementing the kind operational and systemic change required to meet evolving customer expectations.
Figuring out how to make this shift is an imperative for financial institutions. Millennials and members of Gen Z will only continue to gain wealth and spending power, and they won’t hesitate to walk away from a financial institution they aren’t satisfied with. According one research study, 1 in 3 millennials are open to changing banks within the next 90 days, while in another it was found that 33% believe they won’t need a bank at all moving forward.