Fiserv Survey Shows Digital Services Key to Customer Loyalty
Banks and building societies that deliver connected digital experiences are positioned to empower and retain customers in the ‘always-on’ financial services landscape
The research paper, Rising to Meet Customer Expectations,contains additional insights.
The survey found that access to convenient and easy-to-use digital services has a connection to customer loyalty, with 86 percent of respondents saying they would consider leaving their bank or building society if they couldn’t manage their account easily online.
Customer expectations are high, and 82 percent of respondents said they expect every digital experience to be equal to or better than what they receive from other technology providers. Such high expectations may be impacting bank and building society customer satisfaction, as less than a third (28 percent) of respondents are currently satisfied with the online service provided to them.
Delivering Digital Innovation
Customer responses revealed specific areas where user experience could be improved, including accessing and managing current online financial services accounts. Among respondents, 43 percent said their bank or building society’s authentication and sign-in processes were a point of difficulty for them. This highlights the opportunity for banks and building societies to maximise the integration of new technologies, such as biometrics, while leveraging data insights to drive innovation and deliver the seamless, personalised experiences people now expect.
“In an ever-changing financial services landscape, the process of
developing and delivering digital experiences in line with customer
demands can be a daunting prospect,” said
Best practices that banks and building societies can utilise to retain and attract customers include:
- Offer flexibility and control over where and when customers can access their accounts
- Provide a consistent experience across every channel
- Simplify authentication so customers can access their account even when they don’t remember their password
- Leverage digital channels to cross-sell or upsell financial products and services
- Support customers to organise their financial goals and establish saving habits
Appetite for Financial Literacy
There is a demonstrable appetite from customers for banks and building societies to play a more active role in financial literacy. Customers have shown that they would welcome assistance with better understanding of their spending and saving habits, as well as how to manage their money more effectively. To retain and empower customers, banks and building societies can consider introducing online services that also improve financial knowledge. Additionally, more than half (54 percent) of all respondents said they would be more likely to use added services from their current financial services provider if they could sign up and manage them easily online.
In a world moving faster than ever before,
About the Survey
- Rising to Meet Customer Expectations Research Paper - fiserv.com/DigitalAccess
Sr. Manager, Public Relations
Director, Public Relations