What Customers Look for When Choosing a Retail Bank
Summary
Research shows that the majority of modern customers no longer feel the need to utilize a single financial firm for all their banking needs, preferring instead to spread their transactions across a variety of service providers. Dedicated websites and mobile apps enable customers to conduct these transactions in real time without having to visit a physical branch. While consumer satisfaction with this array of fundamental services is generally high, many have begun to clamor for digital access to more complex banking activities. To be specific, today’s customers want to be able to open accounts, apply for loans, and perform other more sophisticated financial tasks on their bank’s online and mobile platforms. Because these young adults have grown up exposed to numerous economic crises and extended periods of fiscal instability, they tend to be much more interested in learning about money management compared to customers from previous generations.
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