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1、2024 Bank Customer Experience Survey:USInsights into customer behaviors,preferences,and experiences with banksFICO Proprietary ResearchConducted September 2024,Published December 2024SurveyKey Findings Most US customers hold 2-3 bank accounts,with one bank acting as their primary account provider.Fi

2、nancial institutions should attract young and new customers before they have established a primary account.Traditional banks are still popular among older demographics,while younger demographics increasingly use digital apps.62%of respondents believe customer experience is as important as a banks pr

3、oducts or services,and 26%think its more important.Banks must maintain high-quality customer experience across all touchpoints and channels to drive loyalty and growth.Banks should take an omni-channel approach to communications but should not overwhelm customers.They should choose the most appropri

4、ate channels based on customer preferences and use context to provide personalized interactions.2The data referenced throughout this e-book derives from a survey FICO commissioned by an independant research agency in September 2024.The survey asked 1,000 customers across the US for their opinions ab

5、out their banking experiences,preferences,and whether their financial institutions are meeting their needs.Methodology3Introduction.4Primary bank status and loyalty.6Customer experience(still)reigns.9Top bank products and services.12Omni-channel communications:The right time,place,and channel.14Conc

6、lusion.16Contents4IntroductionTrust is the human factor upon which our global economy depends:trust in the value of currencies,trust in the markets we trade in,and trust in the banks and institutions that guard and grow our capital.However,trust isnt established automatically.It needs to be earned,a

7、nd the best way to earn consumers trust is by communicating with them and striving to understand them.When banks understand their customers wants,needs,and preferences,they are better able to serve them.This,in turn,helps these enterprises boost customer loyalty and ensure long-term growth.In fact,f

8、inancial institutions actually have an obligation to go one step further.Banking enterprises be they insurers,mortgage lenders,or other providers have a deep and emotive relationship with customers.This emotional and behavioral aspect is often overlooked in the financial industry,and yet it remains

9、hugely important for profitability.This is because banking institutions serve to protect the wealth and estate of customers:things that really do matter to them.Thus,the relationship between consumer and bank is far more personal than any other industry.The trust-based nature of banking,and the emot

10、ional associations that accompany it,mean thatfinancialinstitutions need to work to develop empathy and a thorough understanding of their customers.They need to explore not just their wants,dislikes,and preferences,but also the emotions and motivations behind them.Financial institutions cant afford

11、to assume they know how customers feel about their services and banking experiences.When seeking to understand customers,we need to do so from a data-driven analytical perspective one where our methodology is scientific,and our findings are explored in detail.To that end,FICO employed an independant

12、 research company to conduct an in-depth study into the needs and preferences of banking customers across the United States,asking them what offerings they care about most,what makes them loyal to one bank above all others,and why good customer experience is as important to them as services and prod

13、ucts.Taking a sample of 1,000 bank customers across age and income demographics in the West,Midwest,Northeast,and South,our study touched on several key points,including:1.What makes a bank a primary provider and what drives customer loyalty?2.How do customers really feel about banks services and pr

14、oducts?3.What makes a great customer experience and how do they rate their bank?4.How do they feel about offers and communications?In this e-book,well explore our findings on these four topics in greater detail,break down our respondents answers,and share our unique perspective on the implications f

15、or the financial industry as a whole.5In this e-book,we explore our findings on these four topics in greater detail,break down our respondents answers,and share our unique perspective on the implications for the financial services industry as a whole.Primary bank status and loyaltyWhat is it that ma

16、kes customers loyal to a specific bank?The answer is multifaceted,but its clear that US consumers are generally loyal to one bank above all others and that shifting this fidelity to another bank is a major challenge.Banks that capture new customers early on are likely to retain their loyalty for yea

17、rs to come provided they meet their expectations and make an effort to communicate well.When discussing customer loyalty,we must understand that most consumers hold more bank accounts the older they become.Our survey data reflects this:only 15%of respondents said they have only one account.The major

18、ity(47%)maintain between two and three accounts.This means that banks have an uphill battle to attain new customers since most will only use two to three banks in their lifetime and will remain stubbornly attached once they have chosen a primary provider.The number of accounts our participants hold

19、depends on a range of factors,including their age and income.For example,young people(ages 1824)are the most likely to only have one account and highly unlikely to have more than six.However,the rate of people having six or more accounts increases 6by approximately 8%10%as consumers age,suggesting t

20、hat its common for bank accounts to accumulate naturally over a normal lifespan.Furthermore,the higher the income,the more likely they are to hold multiple accounts.Older people are more likely to accrue more secondary bank accounts than younger customers,while higher earners with larger estates nee

21、d multiple accounts to manage diverse portfolios.Despite this,most consumers are loyal to one bank above all others.This is called their“primary”bank.Over 90%of respondents confirmed that they have a primary provider.Of these,young people are the least likely to have a primary bank account(only 77%)

22、,while 90%of all other older demographics have a primary bank.So,what motivates customers to choose one bank in particular?When asked:“Which factors would make you choose a financial institution to be your primary provider?”56%of respondents say its was because they have used them the longest.46.6%o

23、f young people say this was their reason,compared with 66%of the oldest demographic.Which factors would you choose a financial institution tobe your primary provider?Base:All respondentsI have been using them the longestThey provide great customer serviceThey offer the best valueThey have the best c

24、ustomer experienceI like their mobile app the bestI can access information about my financial accounts with other providers through themI like their website the bestOtherI dont know010203040505647.643.338.132.723.520.34.62All this seems to confirm that loyalty accrues over time as banking habits and

25、 preferences become more ingrained with age.Although its easier for banks to target older,more affluent consumers to open secondary bank accounts,the best time to attract a customer to make your bank their primary is when they are young and earning less.Similarly,more than half of all participants(5

26、7%)claim that theyve never changed primary providers,while only 33%have changed one or two times.The older the participants were,the more likely they were to have never changed their primary provider(42%for those ages 1824;80%for those over 65).78What Makes Customers Leave TheirPrimary Bank?Concerns

27、 over securityBad customer experienceA fraud eventPoor value for moneyBetter offer from a competitorNot being cared about as a personBad mobile appOverwhelmed by too much marketing0%20%40%60%54%51%41%38%35%26%21%13%Based on this,we can reasonably conclude that younger customers are more open to choo

28、sing a different primary provider and are less likely to have multiple accounts.However,the main concerns among all age groups are customer experience and security which are of roughly equal importance.Banks must work hard to waylay these anxieties and make customers feel seen,heard,and protected.Cu

29、stomer experience(still)reignsWhat makes a positive customer experience?When asked this question,most of our surveyed customers say it was related to how easy their banks app or website is to use and the empathy of the human agents they deal with(33%and 26%,respectively).9What do you consider to be

30、the most importantaspect of a great customer experience?Base:All respondentsEasy-to-use website and/or mobile appEmpathetic customer supportPersonalized content and servicesSeamless transitions between channels(website,app,bank branch)I dont knowRelevant and timely offers010203033.226.320.913.53.42.

31、7Is age a factor in this?Looking at our results,its clear that empathy and intuitive websites/apps are equally important across all age groups.However,both issues are approximately 47%more important to the 35-44 year old demographic than the other ages(30%for this group versus 2326%for the other dem

32、ographics).Furthermore,easy-to-use websites and apps seem to be particularly useful to low-income customers 45%of them say so while websites/apps are less important to high-earners(25%),and empathetic customer experience is deemed more crucial(35%).1062%of participants believe that customer experien

33、ce is as important as the products or services a bank supplies,and a further 26%believe it is actually more important.Now for what is perhaps our most significant finding of all:88%of customers say that a banks customer experience is as important or more important than its products and services.Digg

34、ing a little deeper,it appears that older customers are more likely to believe this than younger demographics(56.3%of those ages 1824 versus 71%of 5564 and 63%of+65s).This sentiment is also expressed more by middle-income participants(65%)versus low and high incomes(both 55%).The majority of partici

35、pants say that the customer experience with their primary bank is positive,with 39%overall answering“excellent,”and approximately half answering“generally good.”This suggests that a positive CX is one of the main reasons why customers choose a bank to be their main provider in the first place.Howeve

36、r,it seems as though some consumers are willing to stick with a bank as their primary even when the CX is so-so.For example,about 8%of customers say that their CX has been“mediocre.”Yet,less than 1%of consumers say their CX had been“bad”or“terrible.”Some customers are willing to put up with a medioc

37、re experience from a primary,but an actively negative one will invariably turn them away.Younger demographics are 10%less likely to rate their CX as“excellent”than older demographics.This might suggest that younger customers have higher standards than older counterparts and that it will take more ef

38、fort to create a positive experience for them.Similarly,almost twice as many high-income customers Report vs reporte being“extremely satisfied”with the quality of CX they receive compared to medium-or low-income customers,suggesting that high earners currently get better quality service than others.

39、11Top bank products and servicesWhat types of financial institutions do customers use and which products do they care about?Customer experience is undeniably important to consumers.However,we must not overlook the significance of bank products themselves.Its essential to take into account which prod

40、ucts and services todays customers are most interested in.The majority of consumers(66%)still receive their banking services from a traditional bank,followed by credit unions(21%),and digital banks(11%).However,young people are less likely to rely on a traditional bank.Only 53%of those ages 1824 and

41、 55%of those ages 2535 cite a traditional bank as their primary provider,compared with 85%of people over the age of 65.Its clear that digital banking services will only become more crucial to banks looking to capture young consumers earlier.Polls showed that the older people are,the less likely they

42、 are to use a digital app.12Low-income customers are more likely to use a digital bank that only has a website or app(24%)versus medium-and high-income customers(7%and 13%,respectively),meaning that digital services can better reach untapped markets of low-income earners.Percentage of Customers Who

43、Mainly Use aMobile App to Interact With Their Bank,by AgeGroup18-2425-3435-4445-5455-6465+0%10%20%30%40%50%60%60%62%53%52%36%24%13Our data suggests that cryptocurrency isnt a high priority for banks,while savings and loans are still the bread-and-butter of financial institutions,regardless of the ag

44、e,earnings,or geographic location of its customers.Property insurance and mortgages are least important to lower incomes(5%and 26%,respectively)compared with other demographics which is hardly surprising considering the US housing market and the rising cost of living.Focusing on savings,card service

45、s,and payment processing should be the highest priority for banks overall although the other products and services are also vital.Which Bank Products/Services Are MostImportant to Customers?Savings accountsCredit cardsLoansReal-time paymentsMortgageInvestment servicesForeign exchangeBuy now pay late

46、rCryptocurrency0%20%40%60%80%81%68%53%48%39%37%22%17%10%Omni-channel communications:The right time,place,and channelNow that weve established the importance of the customer experience,as well as what products and services are most vital to people,we need to consider the next aspect:how banks communi

47、cate with their customers.The foundation of an empathetic and personal relationship between banks and customers is built on open and clear communication.In todays world,there are many ways for banks to reach out and engage customers,and each method has its specific advantages.However,every customer

48、is different and has their own preferred communication style.14We asked our participants how they feel about how frequently their banks contact them,looking at customers of:Personal bank account providers Mobile phone providers Mortgage loan providers Insurance providers Credit card providers Person

49、al loan providersIn general,the majority of consumers(75%)feel that their banking organizations contact them at just the right level.Only 8%believe they are not contacted enough,and 10%believe they are contacted too often.Its also clear that the preferred communications to customers depend on the su

50、bject of the message.In many ways,this is the key point behind omni-channel communications.Banks need customers to feel like theyre being listened to,but they must tread a fine line between keeping them up to date and bombarding them with constant messaging.Moderation and personalization are key,and

51、 banks have to use the right channels to reach the right customers at the right time.This requires a tactical omni-channel approach,which means that banks need to understand who their customers are and what the context is so the appropriate method of communication can be used in every scenario.15Top

52、 customer communication preferences based onmessage topicText to mobile phoneEmailFraud incident alertsDebt/late payment notificationsIdentity verificationAccount remindersInformation requestsMarketing for products/servicesTerms and conditions updates44%39%39%40%33%46%49%ConclusionMost consumers hol

53、d between two and three bank accounts,but they have one provider that acts as their primary account.Customers can be very loyal to this account,and it tends to be the one they open first,which then remains their primary the longest.Therefore,financial institutions should prioritize attracting young

54、and new customers as soon as possible to capitalize on this lifetime loyalty.Better fraud protection and better communication are the top factors that incentivize a customer to switch banks.Similarly,concerns over fraud and security are most likely to drive customers away from a financial provider.T

55、he majority of customers still access their services from a traditional bank,although alternatives are becoming more important to younger demographics.Older people are less likely to use a digital app(3.5%)than younger people(21%).Similarly,older people are more likely to use a traditional bank(85%)

56、versus younger people(53%).Low-income customers are most likely to use an app(24%)versus medium-and high-income customers(7%and 13%,respectively).Thus,digital apps and platforms are clearly a good way to attract new young customers and establish brand loyalty early.Savings accounts are the most popu

57、lar service for financial institutions,along with credit cards and loans,meaning that banks should continue prioritizing and improving these products.1617In general,most consumers feel that their banking organizations contact them at just the right level.A small percentage feel theyre being contacte

58、d too often,and even less believe theyre not being contacted enough.However,banks must use the appropriate channels to connect with the right customers at the right times.When choosing a method of communication,banks should leverage their customer data and use context to personalize interactions to

59、each customers needs.Customers generally arent eager to switch banks even if another brand has a better customer experience.However,bad customer experiences are likely to drive people away.Most customers believe that customer experience is as important as banks products or services and a large porti

60、on think that customer experience is more important.Because of this,banks must work hard to ensure that theyre maintaining high-quality customer experience across all their various touchpoints and channels.This is the best way to ensure that they are driving loyalty and growth across their organizat

61、ion.Banks across the US will be moving into highly aggressive markets in 2025 and beyond all want to retain and grow market share,while maximizing profit and maintaining acceptable risk levels.By plugging into the power of analytics,AI,and machine learning,your business can deliver faster,smarter,au

62、tomated,and risk-aware digital decisions at speed and at scale.FICO Platform helps banks thrive and react quickly to changing market conditions.By integrating various functionalities into a unified and adaptable platform,you gain the agility to quickly draw upon multiple different data sources to en

63、able faster,better,and more personalized customer decisions.With the Omni-Channel Engagement capability,you can build customized communication strategies that factor in real-time data,client preferences,regulatory requirements,market conditions,and consumer behavior.At FICO,we are committed to under

64、standing the intricacies of the finance industry and exploring the complex behaviors and needs that motivate customers.To learn more about driving customer-centric change and growing your bottom line,visit our Resource Center.How FICO Helps185252BK 12/24 2024 Fair Isaac Corporation.Privacy PolicyTer

65、ms and ConditionsAll rights reserved.FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.Other product and company names herein may be trademarks of their respective owners.Customer Lifecycle Resources:Attract and Engage Nurture and Manage Contact and Communicate How to Unlock the Power of Hyper-Personalization in Banking Open Banking:Whats Next for the US and Canada?Learn moreAdditional readingRead the FICO Blog