Bank customers want a more personalized mobile banking experience, but most aren’t getting it or are dissatisfied with current options, according to a recent survey by Sinch.
Data from the survey of 3,000 financial services consumers in more than 15 countries showed that 93% of respondents want personalized financial assessments from their bank, but fewer than 30% have received the kind of two-way, real-time problem-solving interactions they expect. Fifty-three percent reported frustration at not being able to reply to a mobile message, and one in three under age 40 have switched banks to get a better mobile experience.
This desire for personalized banking is largely driven by younger customers. More than 80% of Gen Z (those born in mid- to late-1990s) surveyed want to solve even more complex tasks using digital channels, including completing a loan application or sharing personal information to get tailored financial product recommendations, according to the survey. Ninety-eight percent of all respondents said they want questions answered quickly, but 58% reported experiencing it.
The research also showed that a positive technology experience correlates with securing consumer trust. Trust is also gained by knowing when human interaction with a customer is needed. In moments of frustration, customers still want to hear a human voice and 95% of those surveyed want an option to switch seamlessly from automated messaging to a human conversation from inside the messaging technology.