New American Banker and Monigle research on the customer experience reveals gap between areas of investment and what actually keeps customers engaged and loyal

Humanizing the Bank Customer Experience

“This research is really exciting because it highlights specific areas banks can focus on to more effectively engage customers, actions that make a positive impact on customer satisfaction and advocacy. With so much at stake, having a new lens to frame those decisions is really impactful.”

Humanizing the Bank Customer Experience, a new research report from American Banker in partnership with Monigle, a creative experience agency, examines the core of what drives customers to choose and stick with a particular financial institution to help executives take meaningful actions to build strong bank-to-customer experiences. More than 8,500 U.S. consumers evaluated and ranked 50 leading FIs on the factors proven to drive customer satisfaction and advocacy. This report is built to equip business leaders with the impactful data and tools, based on in-depth consumer insights and perspectives, to drive immediate change in organizations as we emerge post-pandemic with revised consumer expectations. Participating members of the study have the opportunity to access playbooks that provide details of their financial institutions’ performance in customer experience.

Sponsored by Technysis, the comprehensive report, and associated rankings of 50 financial institution brands, provides detailed analysis of the strengths and weaknesses of financial institutions by type, and insights from the top performing institutions who are leading the way for their category. In particular, the findings in this report reveal key opportunities for financial institutions to continue humanizing the customer experience to drive a connection to, and action by, customers.

As bank consolidation increases and new challengers enter the market, financial institutions need to deliver the best customer experiences possible to attract and retain customers. As large banks seek to appeal to the masses and community banks and credit unions try to stay relevant, many fail in the human aspects of the customer relationship that drive engagement. This research uses a proven customer experience framework to evaluate and rank financial institutions on the essential elements of their performance. Janet King, Vice President, Arizent Research says, “This research is really exciting because it highlights specific areas banks can focus on to more effectively engage customers, actions that make a positive impact on customer satisfaction and advocacy. With so much at stake, having a new lens to frame those decisions is really impactful.”

Other key findings of the research include:

The biggest opportunity for competitive differentiation may reside in the emotional dimension of the customer experience. Credit unions and challenger banks scored particularly well on the emotional motivators, representing a potential threat, poised to break the mold traditional retail banks have used to engage customers in the past.

Secure digital tools and mobile apps that enable consumers to easily access and manage their money are table stakes for most Financial Institutions (FIs). While ATMs and call centers are yesterday’s tech, they still resonate as important points of FI engagement for today’s younger consumers.

All FIs have their work cut out for them when it comes to how consumers “sense” a brand, from the physical branch to online platforms and community activities. Some need to overcome the inherent disadvantages of being an online-only or mostly branchless FI.

Today, American Banker released these results and the ranked list of these 50 institutions. The number 2 ranked institution shares, “America First Credit Union is humbled and grateful to learn members ranked us the top credit union on the list of national financial institutions,” said Tammy Gallegos, America First Credit Union Chief Strategic Engagement Officer. “Our members know America First Credit Union is safe, secure, reliable, responsive, and dedicated to their financial well-being while working collaboratively to benefit the communities in which we are invested.”

Humanizing the Bank Customer Experience, American Banker:
https://www.americanbanker.com/news/why-banks-are-stuck-in-second-gear

The financial firms customers admire most, American Banker:
https://www.americanbanker.com/list/the-financial-firms-customers-admire-most

Learn more with deeper dives into the findings of this research at two upcoming American Banker events, FAST FORWARD, November 9, 2021 and DIGITAL BANKING, November 16-18, 2021.

Research Background/Methodology
In March and April 2021, American Banker and Monigle collaborated to conduct two large-scale surveys among nationally representative samples of financial consumers. These surveys collected responses from a combined total of roughly 8,500 U.S. adults ages 18 years and older. The first survey, with 3,480 respondents, focused on the trends and attitudes shaping consumer expectations and behaviors in financial services today. In the second survey, more than 5,000 U.S. consumers evaluated 50 leading FIs on the factors proven to drive customer satisfaction and advocacy.

For more information on this study or to access the actionable playbook or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
207-807-4806

About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.

Arizent Research delivers actionable insights through full-service research solutions that tap into their first-party data, industry SMEs and highly engaged communities across banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management.

About Monigle:
Monigle is a creative experience company fueled by humanizing brands that move people.

As one of the largest independent brand consultancies in the United States, we’re independent in spirit and in ownership, unbound to both the status quo and shareholders. Fueled by 140+ builders and makers across offices in Denver and New York, our teams create and deliver powerful brand experiences across a spectrum of services, including insights, strategy, creative, culture, activation, branded environments, and BEAM–the world’s leading brand engagement and asset management platform. Humanizing Brands. Moving People. Visit http://www.monigle.com to learn more.

About Technisys:
Technisys is the next-gen digital and core banking platform that redefines the customer experience. As a best-in-class technology platform, Technisys uniquely delivers differentiation in two key ways. By empowering financial institutions to dynamically create tailored financial products at the speed of commerce. And, by offering meaningful recommendations, to customers at point of need. How are we different? We use data-driven insights and integrate them with our unique technology that enables structural flexibility. A flexibility that allows financial institutions to create and tailor any financial product – in seconds – to deliver a seamless digital experience at every customer touchpoint whether online, on the phone, or at a branch. Giving banks and fintechs the agility to tailor offerings that become integral to a customer’s lifestyle in new and profound ways, down to the segment of one. Visit http://www.technisys.com to learn more.