Do you trust your Bank?
The world of banking is rapidly transforming. The one thing customers want and need from their banks seems to be something banks aren’t willing to provide – customer service.
In a study by Bain , 54% of customers showed distrust with banks showing more trust in tech companies.
If you ask any bank about their major strategic priority, almost everyone will say customer experience is their top of their list but only 30% have invested in customer experience Deloitte study.
The fact is, most customers open or close their banks accounts based on good or bad customer experience and 90% depend on recommendation by friends and family.
More than 40% are now complaining about their banks on social media and this trend will only increase.
While there is nothing wrong in benchmarking against other banks the real competition for banks is coming from tech companies such as Apple, Samsung and Amazon.
65% of Amazon Prime customers say they would readily try an online bank account by Amazon Bain case study
The issue of TRUST is critical and once betrayed can take massive effort and resources to reclaim. One way in which trust is built of through consistent high quality customer service. In banking, looking after the customers money and ensuring safety and security of transactions is vital in building trust.