Bank officials everywhere are always trying to drive increased customer engagement.

What are the key factors that bankers can “bank” on to entice more customer engagement?

According to a new global study from Affinion Group, conducted in partnership with Oxford Brookes University, age is a key factor when it comes to engagement.

Millennials, defined as individuals between the ages of 25 and 34, were shown to be the most engaged with their banks as demonstrated by their score of 71, while older individuals reported a less emotional attachment with their banks. Specifically, the 65+ age range had a Customer Engagement Score of only 63. The report also showed that marital status was a notable factor for engagement, with married respondents reporting an engagement score of 68, compared to 65 with singles.

The study polled 18,447 consumers from 13 countries regarding their attitudes towards their banks, telcos providers, and retailers and determined that being male, married, and a millennial are the key traits of the most engaged banking customers.

The survey used a Customer Engagement Score of 1-100 as a metric to show how engaged a consumer is based on their responses to a series of questions about their relationship with these three industries. The research revealed that customer engagement with banks is higher than it is with mobile phone providers, due to the fact that banks received a 67 for the Customer Engagement Score compared to the 64 mobile phones received. The retail industry came in first in terms of engagement with a score of 68.

Location makes a difference in customer engagement.

Turkish, Brazilian, and American consumers reported the highest level of engagement, while respondents from Denmark, Finland, and Norway indicated the lowest levels of engagement. The U.S. secured an average combined score of 74, which is 10 percent higher than the global average.

“Traditionally, customers have tended to be monogamous when it comes to their bank, but this research shows there is still room for improvement and there is opportunity for financial services providers to form even deeper relationships with their customers,” said Karen Romagnoli, country manager of Affinion in the U.S. “Our study proves that customers who buy additional products or services and interact more frequently via multiple channels are more engaged, and engagement is increased further by offering products or services that add value to customers’ daily lives.”

What’s more, Romagnoli noted that customers with higher engagement scores also stated that they were more likely to stay with a business for longer, spend more money, and advocate a brand or business to family and friends.

The survey was divided into three focus areas: Banks, telcos, and retail–with a series of questions designed to reveal engagement levels for each respondent.
 

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