A new retail banking consumer “pulse” survey by the Boston Consulting Group is helping identify short- and long-term shifts in consumer behavior and sentiment on the basis of data from more than 5,000 respondents across 15 markets, especially as related to channel usage, customer satisfaction with how financial institutions managed the crisis and potential industry trends likely to endure after the crisis. According to the survey, millennial and Gen-Z consumers have particularly warmed to digital channels during the crisis, with 44% of participants aged 18-34 enrolling in online or mobile banking for the first time. Additionally, brand advocacy is on the rise, with only 5% of respondents criticizing how their financial institution responded to the crisis and 25% recommending their financial institution to others.
Although the survey suggests that consumers will continue to switch from physical banking to online and mobile services, the personal touch provided by branch managers and customer service assistants remain important. Financial institutions will need to rise to the challenge of embedding the benefits of in-branch, personal interactions within their digital offerings and, at the same time, improve on the holistic customer experience.
A more comprehensive summary of the survey findings can be found here.