New Verint Research Shows Which Banks Deliver on Customer Experience During Pandemic
Digital and Online Banks Lead the Verint Experience Index, Earning Top CSAT and NPS Scores, in the Midst of Physical Distancing, Financial Upheaval
Consumer banking behaviors have changed radically as a result of the COVID-19 pandemic. The findings of new research announced by Verint Systems Inc., The Customer Engagement Company, show which banks have maintained and even improved customer satisfaction during a time of market disruption.
Marketing Technology News: Leading Contextual Advertising Company Media.net Joins IAB Tech Lab’s Board of Directors
Bank of America, Citibank, and Wells Fargo posted the greatest gains in customer satisfaction, as measured by Customer Satisfaction (CSAT) scores. One standout in the study was Ally Bank, which posted the highest CSAT and Net Promoter Scores® (NPS) both before and during COVID-19 social distancing measures, underscoring the company’s proficiency in navigating change while maintaining high customer satisfaction.
“Many consumers see their banks as essential, but this is especially true during the pandemic, as they navigate difficult personal and financial terrain,” says Verint’s Kevin Daly, global vice president and GM, experience management. “Our study results show there has been a 40% increase in consumers citing the need for banks to help them manage their finances and cut costs. The overall volume of customer interactions has increased and consumer channel usage has shifted due to social distancing measures. As a result, banks’ ability to serve customers has been ‘pressure tested’ like never before.”
The research is based on the Verint Experience Index™ benchmark survey of consumer satisfaction with 15 leading banks and includes CSAT and NPS rankings. Consumers were surveyed in February/March and April, before and during the implementation of COVID-19 social-distancing guidelines. For more than a decade, the Verint Experience Index (VXI) has chronicled digital and omnichannel experiences across key industries (previously published as the ForeSee Experience Index).
Banks were evaluated on their proficiency across five key drivers that impact customer satisfaction: branches (convenience, location variety, service level); confidence (transaction accuracy, security, protecting PII); products (meet financial requirements, flexibility, clarity of terms); representatives (understanding, responsiveness, resolution); and services (account management, access, simplicity).
Marketing Technology News: Eka Unveils New Brand Identity and Corporate Website
Consumer channel usage patterns show a dependence on contact centers and digital channels following social distancing protocols: branch interactions dropped by 33%, contact center interactions rose 31%, and social media usage rose an incredible 129%.
During the pandemic, consumers more frequently based their banking decisions on available technology. Previously, interest rates and fees were the most common considerations among consumers opening and closing accounts.
While the branch has been a fixture in the banking customer service landscape for decades, COVID-19 constraints have disrupted consumer banking behavior, demonstrating just how vital digital transformation is for banks to succeed—now and in the future. While consumers gave some banks high marks in various categories, these rankings did not necessarily equate to a rise in CSAT scores during the study timeframe.
Marketing Technology News: SAS and Microsoft Partner to Further Shape The Future of Analytics and AI