Fiserv survey indicates digital services key to customer loyalty

Source: Fiserv

Banks and building societies that are not delivering a user-friendly digital banking experience are at risk of losing customers, most of whom expect digital channels to become more important in how they manage their finances.

According to findings from a new survey of 1,000 U.K. bank and building society customers conducted on behalf of Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, customers have high expectations of digital services and their financial services providers.

The research paper, Rising to Meet Customer Expectations, contains additional insights.
The survey found that access to convenient and easy-to-use digital services has a connection to customer loyalty, with 86 percent of respondents saying they would consider leaving their bank or building society if they couldn’t manage their account easily online.

Customer expectations are high, and 82 percent 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 percent) of respondents are currently satisfied with the online service provided to them.

Delivering Digital Innovation
Customer responses revealed specific areas where user experience could be improved, including accessing and managing current online financial services accounts. Among respondents, 43 percent said their bank or building society’s authentication and sign-in processes were a point of difficulty for them. This highlights the opportunity for banks and building societies to maximise the integration of new technologies, such as biometrics, while leveraging data insights to drive innovation and deliver the seamless, personalised experiences people now expect.

“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 that banks and building societies can utilise to retain and attract customers 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 organise their financial goals and establish saving habits
Appetite for Financial Literacy

There is a demonstrable appetite from customers for banks and building societies to play a more active role in financial literacy. Customers have shown that they would welcome assistance with better understanding of their spending and saving habits, as well as how to manage their money more effectively. To retain and empower customers, banks and building societies can consider introducing online services that also improve financial knowledge. Additionally, more than half (54 percent) of all respondents said they would be more likely to use added services from their current financial services provider if they could sign up and manage them easily online.

About the Survey
LM Research & Marketing Consultancy conducted the online survey on behalf of Fiserv between 23 January 2019 and 27 January 2019. A sample of 1,000 U.K. residents participated, with 500 customers of banks and 500 customers of building societies surveyed.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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