Workforce Management Featured Article
Data Security Tops Banking Customers' Concerns
What do bank and financial services customers seek most when choosing an institution to do business with? In the past, it was often low or no fees, convenience, and good savings programs. Today, increasingly, it’s likely to be most about data security.
High-profile data breaches in recent years have raised banking customers’ awareness that their personal financial data may not be safe. They have lost some confidence in banking institutions and worry that a bank data breach could expose their personal data to hackers and other bad actors.
This is borne out by new research issued this week by customer engagement solutions provider Verint (News - Alert). The Verint Experience Index (VXI): Banking Report is a benchmark survey of consumer satisfaction with 20 leading banks and includes Customer Satisfaction (CSAT) and Net Promoter Score (NPS) rankings and insights from a survey of more than 5,000 consumers across Gen Z, Millennials, Gen X and Baby Boomer demographics.
The study found that concerns about the security of their funds and protection against identity fraud are replacing "low or no fees" as key factors when choosing a new bank, with “security of personal information,” “fraud protection,” and “fraud alerts” among the top factors customers consider.
Other factors customers cite when choosing a bank involve generational differences. Younger customers are looking for a better digital experience so they can solve easy queries on their own using digital tools. It’s important to note, however, that customers still demand personalized help from a human agent for more complex tasks.
Aside from security concerns, the report highlights the need for banks to improve the in-branch experience as well as new and emerging needs to support the financial wellbeing of younger consumers, as the most important ways to improve customer experience and satisfaction. This may require some rapid reorganization as banks struggle to catch up from lay-offs and resignations during the COVID pandemic.
“The banking industry is challenged with a scenario where the Great Resignation is meeting the ‘Great Recalibration,’” said Verint’s Jenni Palocsik, vice president of marketing insights, experience and enablement. “Banks are calling back furloughed staff, reallocating team members who were solely dedicated to digital channels and rethinking how to adequately staff bank branches to meet fluctuating needs for in-person service.”Edited by Erik Linask
