Consumers want far more personalized mobile banking experiences that make it easy for them to get real-time 1:1 support anywhere, says a survey of 3000 global consumers in more than 10 countries including India, commissioned by Sinch. With 64% feeling comfortable discussing personal/sensitive financial matters with their bank via mobile messaging, but about 62% wishing to have human conversations for personal finance advisory, the survey shows customers would benefit from a greater level of interactive personalized communication with their banks and financial partners.
Customers want two-way, real-time interactions that can solve banking problems as they happen, no matter where they are. 15% are frustrated when they cannot complete a loan application using messaging service and 57% have even switched banks to get a better mobile experience. This desire for personalized banking and being able to communicate easily is more pronounced in younger customers, as over 80% of Gen Z surveyed want to solve even more complex tasks using digital channels including completing a loan application or sharing personal information to get tailored financial product recommendations.
Getting answers instantly
In addition, 73% say they want their questions answered quickly, but just 58% experience this. While most banks offer support via email or in-app communication channels, they have yet to capitalize on the opportunity to connect 1:1 with customers and build stronger relationships through text messaging.
It’s about securing trust
The research shows a positive technology experience is highly correlated with securing consumer trust. Banks that do not deliver on good experiences are significantly less likely to have customers that say they trust their banks. Trust is also gained by knowing when human interaction with a customer is needed. Even with widespread usage of automated chat options, in moments of frustration customers still want to hear a human voice; 41% of those surveyed want an option to switch seamlessly from automated messaging to a human conversation from inside the messaging stream.
“At the back of Digital acceleration, consumer demand for banking services through their mobile phones, has increased significantly, accessing their account from anywhere 24/7,” said Nitin Singhal, MD, Sinch, India. “People have less time than ever to call their bank or go into a branch and many, especially younger generations, prefer the convenience of mobile banking to in-person banking, yet banks are not always answering this demand yet by making mobile banking a true two-way communications process. Most banks now provide online services, but our survey shows that they can do far more to engage with customers and differentiate themselves by providing secure, personalized, frictionless engagement with their customers so they can access more than just their account balance or make a payment. Many banks have started the process to becoming customer-centric digital banks that appeal to today’s consumers. But it is only when they partner with a reliable communication solution (CPaaS) provider, to improve both customer engagement and trust and provide secure technologies across communications channels their customers prefer and are familiar with, that banks improve the real customer experience consumers are clearly asking for.”
The online study was conducted by Ravn Research. To read the full report, visit the Financial Services CX Report page.