Consumers crave better banking service during economic uncertainty
In increasingly troubled times, people want more out of their banking relationships than convenience and efficiency. They want empathy and financial support from their banks and credit unions. They also want a humanized experience while craving innovation in service delivery. Can your organization deliver on these expectations?
World events have created economic uncertainty, resulting in financial unease among consumers and businesses. Daily necessities, such as food and gas, have grown more expensive. Jobs have been lost and housing costs have risen. People feel less secure than they did just 12 months ago. Navigating the complexities of these rapid changes and the tumultuous economic climate is daunting .
In the face of the current economic turbulence, customers are increasingly turning to their financial institutions for support and guidance. Consumers are seeking not just products, but solutions personalized to their specific needs. They crave proactive outreach, bespoke services, and, critically, the empathy that comes with a seamless hybrid experience that includes a human touch.
When times grow tough, experiences matter more
The global economic upheaval and the pandemic’s aftermath have left consumers feeling on edge and significantly less secure. They expect their banks and credit unions to provide tailored advice, support and tools to help them navigate financial uncertainty. They demand transparency in the pricing of services, terms and conditions, and expect quick responses when they have a question or a problem. Consumers also want flexibility from their banks and credit unions, such as the ability to defer loan payments and coverage of minor overdrafts without incurring fees.
Unfortunately, most financial institutions offer inconsistent support, according to a recent research study by Salesforce. The report was based on a survey conducted in 12 countries around the world, with 43% of the respondents being Millennials and 12% Gen Z. Over 6,000 consumers were polled.
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