Redpoint Survey: Majority of Consumers Say Banks are Failing to Meet Expectations for Personalized Experiences
Consumers Expect Clear, Consistent and Personally Informed Communications from Financial Institutions
WELLESLEY, Mass.–(BUSINESS WIRE)–Redpoint Global, a leading software provider that helps brands deliver revenue-generating and personalized customer experiences, today announced new research revealing major gaps in customer expectations and delivery of services by financial institutions. Conducted by Dynata, the survey of more than 1,000 U.S. consumers found that while 82 percent of respondents expect banks to personally understand them, only 38 percent say their bank is effective in doing so.
Coordinated communication is also essential, as 88 percent of consumers surveyed said that a bank should have seamless communications and interactions across all channels (branch, website, mobile app, call center) updated with timely, relevant and valuable information. Currently, less than half (45 percent) feel their bank is very effective at delivering a consistent and seamless experience across all channels.
“Banks are looking to deliver increased levels of personalization, particularly through their websites and mobile apps, and those experiences clearly depend on an accurate view of each customer,” says Brian Morris, Financial Services Partner at Pricewaterhouse Coopers, LLC. “We see a growing number of forward-thinking banks looking for answers of how to close the gaps in consumer expectations and foster engagement. That said, many banks are struggling on the best approach to bring together their customer data. These firms need to invest in the technology that allows them to easily view the larger context via integrating more data – such as behaviors, households, centers of influence – in a coordinated way to orchestrate the right messages for their customers based on that data. The key factor is that having an integrated view of the customer is no longer a nice to have – it is table stakes. In the past, that statement might have been considered hyperbolic, but today it is a fact.”
Despite all the granular consumer data financial institutions have at their fingertips, most fail to deliver substantive personalization. In fact, 67 percent of consumers feel that most retailers deliver a much better personalized experience than their bank.
Additionally, many digital-first financial services (e.g., Apple, Quicken Loans, SoFi) are seen as brands putting the consumer more at the center of the relationship. More than half of consumers (54 percent) feel those brands invest much more in personalization versus traditional banks.
“Today’s consumers expect their financial institutions to deliver seamless, personalized, relevant experiences at a cadence that meets their needs, but many organizations are simply missing the mark,” said Dale Renner, CEO and co-founder of Redpoint Global, “Redpoint gives organizations the tools to create sustained, persistent relevance for every interaction and engagement. This capability aligns with consumer expectations, especially as customers transition to digital-first experiences.”
The importance in addressing personalization in banking only continues to grow. Pre-pandemic, just 26 percent of consumers were using digital banking in a notable way, increasing to a peak of 83 percent (with 76 percent of consumers using a mobile banking app). Many of these individuals (57 percent) changed their habits solely due to lockdowns, but overall, these changes will persist with three-quarters (76 percent) planning to continue digital banking long into the future.
About the Study
This survey was conducted via Dynata and targeted 1,000 general U.S.-based consumers over 18 years of age. For complete survey methodology, please email [email protected].
About Redpoint Global
With Redpoint’s software platform, rgOne, innovative companies are transforming their customer experiences across the enterprise and driving higher revenue. Redpoint’s solutions provide a remarkably uniﬁed, single point of control where all customer data is connected and every customer touchpoint intelligently orchestrated. Delivering more engaging customer experiences, highly personalized moments, relevant next-best actions and tangible ROI—this is how leading marketers lead markets. To learn more, visit redpointglobal.com.