With today’s banking customers being exposed to a wide variety of ways to bank, save, and pay, they have high expectations for service from their banks and credit unions. Consequently, financial institutions must respond to – and increasing be proactive about – competitive pressures both from within and outside of the banking industry if they wish to provide an ideal banking experience for their customers and members.
This study examines factors that are important to today’s banking customers when they evaluate their existing institution, or considering switching to another financial services provider. Examples of key customer satisfaction influencers include the changing branch environment, including changing roles of branch-based employees, as well the desire for digital banking options for many transactions, while maintaining the ability to interact and more deeply engage with knowledgeable bankers and subject matter experts when they wish to. These, and other factors that help create an ideal banking experience are examined in this study.
The ath power Ideal Banking Study™ is a one-of-a-kind, detailed assessment developed to identify which elements make up the “ideal banking experience” for consumers, and to uncover the impediments of producing such an experience. In this, our seventh study, retail banking consumers from across North America responded to ath Power’s online survey, and through this evaluation, assessed their primary financial institution in such areas as customer satisfaction drivers, desired banking features, interest in newer technologies across channels, satisfaction with, and likelihood to recommend, their primary institution, as well as the importance of employee product knowledge and having an advisory relationship. Also provided in the study is an analysis of the changing branch environment at institutions of all sizes, the types of branch layouts desired, and satisfaction with bank performance factors and overall customer service. The study offers actionable insight into ways to leverage existing strengths while identifying areas of opportunity for improvements.
ath Power designed this study to help financial institutions within the marketplace:
* Previous versions of each ath Power study are also available. Please email firstname.lastname@example.org with your request and a team member will assist you.
If you are interested in obtaining a customized competitive analysis for your own institution, please contact Ed O’Brien via email at email@example.com or call +1.978.474.6464 Ext. 139.