Observed Signal · Sep 19, 2024 · Research Release · Source: CMSWire · Impact: 2/5 · Sentiment: Positive
Customer Service in Financial Services Drives Loyalty
A survey of 659 US and Canadian financial services customers, conducted by CX4ROCKS and bespokeCX in partnership with OnResearch, reveals that the most recent support experience is the single strongest driver of brand perception and loyalty. Exceptional support makes customers 6.7 times more likely to view their brand positively and 3.6 times more likely to stay loyal. Top performers like Citibank and HSBC excel by delivering professional, effortless interactions and seamless mobile app experiences. The survey highlights that speed alone is insufficient; brands must focus on clear communication, smooth channel transitions, and empowered agents. Mobile apps are often the most difficult channel, yet top brands' apps are 3.2 times more likely to be rated easy to use. The findings underscore why FSIs are investing heavily in AI, cloud technology, and data analytics to enhance customer experience and drive growth.
Provides survey insights on customer service in financial services, relevant to MarTech and CX, but not industry-shifting for AdTech.
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Key Takeaways & Evidence Grounding
- Survey of 659 US and Canada financial services customers conducted from July 19 to Aug 2, 2024.
- Customers with exceptional support are 6.7 times more likely to have positive brand perception than those with poor experiences.
- 90% of customers reporting outstanding support said all their interactions were excellent.
- Citibank and HSBC are perceived as top-performing brands, while Chase, Wells Fargo, and Bank of America trail.
- Customers of top brands are 3.2 times more likely to find their FSI's mobile app easy to use.
Connected Companies & Entities
6 Entities mapped“Nearly one in four customers view their institution as a leading brand, with Citibank and HSBC standing out as top performers....”
“As Deloitte reports, both product innovation and impactful customer experiences are key drivers of growth within the sector....”
“Nearly one in four customers view their institution as a leading brand, with Citibank and HSBC standing out as top performers....”
“However, industry giants like Chase, Wells Fargo and Bank of America still trail behind....”
“However, industry giants like Chase, Wells Fargo and Bank of America still trail behind....”
“However, industry giants like Chase, Wells Fargo and Bank of America still trail behind....”
Ontology Mapping & Concepts
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