CX CliffsNote 2: Big Banks Overtaking Mid-Size/Regional Banks by Investing in Technology

JD Power surveyed 75,000 retail banking customers and the results are worth reading.

  • Big banks have significantly improved in overall customer satisfaction, while midsize banks have declined and Regional banks have plateaued.
  • Satisfaction is driven by a combination of improved digital offerings, more engaged personal interactions and stronger connections with millenials, a generation that constitutes the most quickly growing segment of the population.
  • Getting tech right is key — mobile banking and online banking have a direct impact on overall satisfaction.
  • “Based on their current trajectory, the country’s largest retail banking institutions are expected to achieve a substantial lead in overall customer satisfaction vs. Midsize and Regional banks by 2020.”

Our View: the areas of improvement for larger institutions (getting tech right and stronger performance in growth segments) indicate that large banks are starting to harvest the results of past CX initiatives.  In contrast, smaller banks often quote a ‘higher touch’ service approach as a strategic advantage which seems to stem from resource limitations rather on a empirical research of their customer’s experience.

Full Article at jdpower.com

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