As the range of payment options continues to grow, banking habits are evolving at a pace that hasn’t been seen since the dawn of credit cards. In trying to keep up with the multitude of pay solutions, many companies feel overwhelmed in determining how, where, and through which channel young consumers are willing to spend their money.
This is the topic of new research out of CEM solution provider Clarabridge. The research comes from a survey asking over 2400 U.S. shoppers about their banking habits, as well as their interactions with 3rd party financial apps like Venmo or PayPal.
Encouragingly for banks, customers don’t see these third-party apps as a replacement for traditional mobile banking. Nearly half of respondents (43%) would prefer to use first-party apps to transfer funds. Why the boom in these “outside” financial apps then? According to 41% of those surveyed, the biggest frustration with first-party apps comes from transferring money to people at other banks. Ironically, in an age where digital financing has streamlined the customer experience, it’s never been harder to simply hand your friend $5 for buying lunch.
When it comes to customer service, Millennials have spoken: call centers are on the decline, and social media is on the rise. Only 42% of Millennials have made customer service calls to their bank, compared to 67% of total respondents. Instead, the generation is flocking to social networks like Twitter and Facebook. Brands are falling behind in this respect, however, with 35% of all issues submitted via social media going unresolved. If banks are looking to truly engage younger users through customer service interactions, they’ll need to stay on top of this channel and bolster efforts to resolve issues via the platform.
“At Clarabridge, we help companies understand customer feedback, so they can create lasting customer loyalty and increase revenue,” said Clarabridge Chief Marketing Officer, Susan Ganeshan. “This survey helps us understand what consumers want from banks and provides a comprehensive snapshot of customer expectations for digital banking. The data suggests a roadmap for improvement that will lead to a better customer experience.”

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