A new survey found 79% of consumers consider customer service as the most important aspect of their banking relationship, while 50% cited a financial institution’s technology offerings, and 80% said security what their top priority.
The survey by Harris Poll for Computer Services found the way customers choose and interact with their financial institutions has dramatically changed, fueled by a connected, consumer-centric world. The magic formula, it appears, is responding to what consumers want today”security, innovation, a more personalized, omni-channel service experience and access to interest rate information”to help an institution continue to grow.
The more affluent and highly educated the respondent, the higher the importance of protecting their financial security. For example, 77% of respondents with incomes of $50K+ and 84% of respondents with incomes of $100K+ chose security as their number one issue, as did 85% of respondents who were college graduates.
Roughly half of the consumers surveyed said that technology was a key factor in selecting where they bank, with this percentage jumping to 65% when segmenting male respondents under the age of 35. Although there still is an age correlation to technology attitudes, the differential between generations continues to shrink. For example,
60% of consumers surveyed under the age of 55 said they preferred to bank online, whereas that percentage dropped to 48% for older demographics.
Although consumers are increasingly using electronic channels to interact with your bank, they still value exceptional customer service. Overall, 79% of consumers surveyed cited customer service as the most important aspect of their relationship with their bank. Although this percentage increased slightly with age (74% for respondents under age 35; 87% for respondents over age 65), service was the great equalizer when it comes to retention.
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