Many people consider going to the dentist an unpleasant experience, which is completely understandable.
However, some people would prefer a dentist appointment over interacting with a bank after having a negative customer experience, reveals a survey done by Mitto.
How could those two even compare, you might ask? Well, it’s no secret that customer experience is a key brand differentiator. When negative experiences tend to become a pattern, people start to feel frustrated and helpless, experiencing feelings similar to those we get while having a toothache.
When it comes to customer experiences in banking, Mitto found that most respondents want high-standard customer support which is also the best indicator of the quality of CX.
In reality, customers often feel disappointed after dealing with their bank. Commenting on the most common frustration points, Ramon Kania, Chief Technology Officer at Mitto, says:
“Our recent consumer research shows that poor support and bad communication are the most common complaints from bank customers. Consumers find support inflexible and communication options too limited.”
That putting customer support first really makes a difference reveals a figure of two-thirds of respondents who said that they had average or positive experiences after improvements in CX.
Lost in communication
The survey also reveals that customer communication preferences play a crucial role when interacting with a bank. According to the findings, banks are significantly behind customer trends and expectations.
Namely, 70% of Gen Z and Millenials see fast response times as a priority, while 58% of respondents expect a two-factor authentication text message as soon as possible. When they have to wait, 41% of consumers will abandon the pursuit.
Customers also prefer fast and convenient channels of communication, with 46% saying they prefer text over email or phone calls.
These numbers tell that banks need to give customers the option of choosing a preferred channel, like SMS or social media. After all, we are living in an ever-evolving digital age and banks cannot afford to stay behind. Kania advises: