15 Customer Experience Statistics Boosting Banking and Financial Services

Customer experience in the banking and financial services industry refers to the overall perception and interactions that a customer has with a financial institution, including digital and physical touchpoints. This encompasses the entire customer journey, from opening an account to making transactions to seeking customer support.

In today’s digital age, providing an exceptional customer experience is essential for banks and financial services companies to remain competitive. Customers expect a seamless, convenient, and personalized experience, regardless of how they interact with the institution. Financial institutions must provide easy-to-use digital platforms, as well as knowledgeable and accessible customer support.

To deliver a positive customer experience, financial institutions must understand their customers’ needs and pain points, and design their products and services accordingly. This requires collecting and analyzing customer data, continuously improving processes and systems, and investing in employee training.

FCI has gathered 15 eye-opening customer experience stats that each CX professional must understand. which shows how much the Customer Experience Statistics will impact your company’s bottom line in various ways and packaged them in the Infographic below.

Customer Experience Statistics in Banking and Financial Services

Here are 15 customer experience statistics that highlight the importance of CX in the banking and financial services sector: 

1. 89% of consumers switch to a competitor after a poor customer experience. (Customer Thermometer) 
2. 85% of customers are willing to pay more for a better customer experience. (Adobe) 
3. 67% of consumers say that CX is more important than price when making a purchase. (Salesforce) 
4. 76% of customers expect companies to understand their needs and expectations. (Salesforce) 
5. 70% of consumers say they would rather do business with a company that offers personalized experiences. (Epsilon) 
6. 84% of companies that prioritize CX outperform their competition. (Forrester) 
7. 75% of consumers are more likely to buy from a company that recognizes and provides relevant offers and recommendations. (Epsilon) 
8. 60% of consumers believe that technology enhances their experience with a company. (Salesforce) 
9. 53% of customers will leave a company after just one negative experience. (NewVoiceMedia) 
10. 53% of consumers say a friendly customer service representative is the most important factor in a positive customer experience. (Aspect Software) 
11. 75% of consumers are willing to share personal information in exchange for personalized experiences. (Epsilon) 
12. 65% of consumers are willing to switch banks for a better mobile banking experience. (Fiserv) 
13. 80% of consumers believe that companies have a responsibility to protect their personal information. (Accenture) 
14. 55% of consumers are more likely to purchase if they receive a personalized offer or recommendation. (Epsilon) 
15. 81% of consumers believe it is important for companies to provide a seamless experience across all channels. (Accenture)

Customer Experience Statistics Driving Growth

In conclusion, the above statistics highlight the significance of customer experience in the banking and financial services sector. Companies that prioritize CX are more likely to outperform their competition and retain customers. By understanding customer needs and expectations, and providing personalized experiences, companies can build customer loyalty and drive growth.