Consumers of financial services are demanding higher levels of customer service both through technology and in person.

Customer experience is vital for retention of customers according to a recent survey commissioned by March Networks and conducted by Ipsos.

It found that security is a key issue with 98% feeling most secure when conducting transactions at their local banking branch, compared with 93% when conducting transactions online and 83% using a mobile application.

"Consumers today are engaging digitally with their financial institutions more often but are also frequently turning to in-person services and have high expectations when it comes to service and security," said Peter Strom, President and CEO, March Networks.

Is your office clean and tidy?
Banks and other financial institutions should ensure the highest levels of in-branch service, as the survey shows that 1 in 5 respondents have switched bank in the past year where service has lacked.

Ensuring a clean and tidy branch scores highly as a reason to consider switching; 70% said they would consider switching banks if their local branch did not appear clean and tidy (77% for consumers living in households with children).

The poll reveals that 46% of consumers said waiting more than 5 minutes for service in retail branch is unreasonable.

"Understanding consumer perceptions and how they influence where consumers choose to bank is important for all financial institutions – especially when it comes to strategic planning and the dramatic transformation many institutions are currently undertaking to increase their competitive position."

 

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