Easy-To-Use Digital Services Has Effect On Loyalty, Survey Finds

BROOKFIELD, Wis./LONDON—A new survey has found access to convenient and easy-to-use digital services has a strong connection to consumer loyalty, with 86% of respondents saying they would consider leaving their bank or building society if they couldn’t manage their account easily online.

Fiserv Convenience Survey(1)

That’s just one of the findings from a new survey of 1,000 U.K. bank and building society customers conducted on behalf of Fiserv. The research paper, Rising to Meet Customer Expectations, contains additional insights, including:

  • 82% of respondents said they expect every digital experience to be equal to or better than what they receive from other technology providers. Such high expectations may be impacting bank and building society customer satisfaction, as less than a third (28%) of respondents are currently satisfied with the online service provided to them, the report indicates.
  • Customer responses revealed specific areas where user experience could be improved, including accessing and managing current online financial services accounts. Among respondents, 43% said their bank or building society’s authentication and sign-in processes were a point of difficulty for them.

An ‘Opportunity’

“This highlights the opportunity for banks and building societies to maximize the integration of new technologies, such as biometrics, while leveraging data insights to drive innovation and deliver the seamless, personalized experiences people now expect,” Fiserv said.

“In an ever-changing financial services landscape, the process of developing and delivering digital experiences in line with customer demands can be a daunting prospect,” said Nick White, vice president, product and marketing, EMEA, Fiserv. “However, neglecting digital channels is a recipe for customer attrition. A well thought out strategy enabled by robust technology is a starting point from which financial relationships can grow.”

Best Practices

Fiserv said best practices financial institutions can utilize to retain and attract customers/members include:

  • Offer flexibility and control over where and when customers can access their accounts
  • Provide a consistent experience across every channel
  • Simplify authentication so customers can access their account even when they don’t remember their password
  • Leverage digital channels to cross-sell or upsell financial products and services
  • Support customers to organize their financial goals and establish saving habits
Section: Standard
Word Count: 510
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Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/Easy-To-Use-Digital-Services-Has-Effect-On-Loyalty-Survey-Finds