2016 CONSUMERBANKING SURVEY

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Key findings from NGDATA’s survey of more than 1000 U.S. consumers

Banks: Customers Have Spoken.They Want You to Get Personaland Relevant.

CONSUMERS DON’T BELIEVE THEIR BANKS TREAT THEM AS INDIVIDUALS – AND THEY WANT THEIR BANKS TO UNDERSTAND THEM BETTER.

YOUNGER CUSTOMERS HAVE HIGH EXPECTATIONS FOR THEIR BANKS – AND THEY’RE GOING UNMET.

of respondents aged 18-34 would be happier if their bank understood them better, compared to just 27% 35 years old or older

51%

HIGH COSTS AND FEES ARE THE MOST LIKELY FACTOR TO LEAD TO CHURN, BUT CUSTOMER EXPERIENCE IS EXTREMELY IMPORTANT

DESPITE A HUGE HEAD START, BANKS ARE LAGGING BEHIND GOOGLE WHEN IT COMES TO UNDERSTANDING CUSTOMERS.

None of these

Google

Your bank

Streaming media service (Netflix, Amazon, etc.)

Your favorite retailer

Your mobileservice provider

Select the provider you feelunderstands you best.

There is asilver lining.

42%of respondents stated that their providers don't understand them.

30%LESS THAN of consumers believe

that offers from their banks are customized for their individual needs.

What quality is most important to you when interacting with a bank?SURVEY QUESTION:

SURVEY QUESTION:

As the current younger generation ages, their expectations for relevant interactions will continue to rise. And, right behind them is the next generation with likely even higher expectations.

Because customer expectations are growing so dramatically, it's imperative for banks to get their systems in place in order to be relevant now, or face risking their business in the future.

21%JUST

said “location” when it comes to qualities important to them when interacting with a bank, compared to 37.9% is 2014.

The old saying "Location, Location, Location!" is meaningless in today's banking environment. You need to provide an exceptional customer experience where your customers are - through all your digital channels.

There's great opportunity here for banks to jump over the customer disenchantment to really wow their customers. You have their information, now it's time to get to work and use it properly.

35%Customer service

32.1%Good/easy to use online services

21%Location

9.9%Financialrates/loans

1.9%Other

20

30

40

50

60

10 20 30 40 50 60 70

% ofCustomers

Age

Younger Customers areContinuously Finding

Their Banks’Communications

Irrelevant