The No. 1 reason why customers choose a banking institution is based on access to a convenient branch location, according to CFI Group’s inaugural Bank Satisfaction Barometer.
CFI Group, a global leader in providing customer feedback insights through analytics, released its inaugural report, adding that a recommendation from friends comes in as the No. 2 reason at 21% -- while web and mobile banking capabilities come in last at 2%.
According to the report, the data reveals that the physical branch and online banking are almost equal in popularity and customer use. In the past 30 days, 82% of customers interacted with their institutions through a website while 77% visited their local branches. Mobile apps are slowly gaining popularity -- with 35% of customers using an app in the past 30 days.
“Banks are driven to pay closer attention to the experiences their customers enjoy when engaging in business with them,” Sheri Petras, CEO of CFI Group, said in the report. “By better understanding the importance of the branch network and the complementary role of their ‘electronic face’ via websites and apps, banks can improve the customer’s experience and drive financial performance.”
In addition to looking at satisfaction with traditional banking channels, the inaugural study also examines the state of mobile apps in banking, satisfaction with bank products, and the problem resolution tactics employed by financial institutions.
Here are the key findings:
Mobile apps are used more for general information than transactional use. The No. 1 use of apps is to check account balances, as reported by 84% of respondents, followed by general information inquiries at 57%
Checking accounts are the most popular banking product: 96% of survey respondents use their financial institutions for this purpose
Least popular bank products include most any kind of loan and savings instrument outside of traditional savings accounts
Effective problem resolution is critical: Customers who were satisfied with the way their bank handled a problem had almost double the satisfaction score
As the emphasis on the customer experience grows, monitoring and analyzing drivers of the customer experience has never been more important. CFI Group offers a variety of services and tools to help businesses understand these metrics and make informed decisions, positively impacting financial performance.