11 Statistics That Show the Power of Customer Experience in Banking

Customer experience is one of the most important aspects in banking. Customer experience has a direct impact on customer retention, which banks are constantly striving for. This blog post discusses 11 statistics that show the power of customer experience in banking and how banks can improve it with technology. 1. Customer satisfaction rates have fallen by more than 30% since 2012. 2. Customer experience is the number one driver of customer loyalty. 3. In a study, 84% people said they would switch banks if their bank had better service and lower fees. Banks can improve customer's perception with technology such as biometrics, chatbots and personalized services. 4. 71% of banking executives believe that positive experiences in other sectors mean customers now expect more from their banking provider. (Capgemini 2018) 5. 78% of European banks report being “concerned or very concerned by the threat of disruption of the industry and 88% claim they need to rethink their business model. Yet less than 40% have a clear strategy and roadmap in place. (Accenture 2015) 6. Customers have stayed with their current bank or credit union an average of 13.8 and 15.7 years, respectively. (Temkin 2018) 7. 69% of customers who plan to leave their bank say it was due to poor service rather than poor products. (Temkin 2018) 8. 54% of consumers say that customer experience in most companies needs improvement. (PwC 2018) 9. 56% of customers who told their bank they are leaving say their bank made no effort in keeping them. (Temkin 2018) 10. Customers who are leaving their bank have been considering their departure for 9 months and plan to leave within the next 5 months, making for a decision window of 14 months. (Temkin 2018) 11. Only 31% of banking customers are promoters which makes the average NPS score of banking industry -16 (in the US). (Temkin 2018) Customer experience is an important aspect in banking. Banks can improve their customers' perception with technology such as biometrics, chatbots and personalized services to increase both engagement and retention rates. To learn more about how Lightico can help, click here. [wl_faceted_search]