Verint Experience Index: Banking Report 2022

The “halo effect” of COVID, which drove higher CSAT scores, is over and banks must work harder to satisfy consumers. CSAT scores have fallen for almost all the 20 U.S. banks featured in our survey and, with inflation rising, financial institutions face new challenges to keep customers happy and loyal.

The digitalization of banking continues to affect consumer behavior and preferences, with security concerns a bigger factor than convenient branch locations when it comes to choosing a new financial institution. As digital banking becomes more widespread, U.S. consumers recognize the potential risks and are prioritizing the security of their money and personal information.

The main report highlights:

• Fraud and Security Concerns: 3 of the top 5 factors for consumers choosing a new bank are security or fraud related, replacing “low fees” as the most important feature.
• Customers In Need Will Call: 64% of customers would call a bank or visit a branch to resolve a security issue – highlighting the importance of a blend of human and digital solutions.
• Young Consumers Need Help: Banks must help Millennials and Generation Z manage their finances; with more than one-third of each age group struggling to cut costs, create a budget or track spending.

Download the full Verint Experience Index: Banking Report to learn more about these consumer statistics and trends that can help improve and grow your business.