Nearly nine in 10 people say customer experience is just as important as a bank’s products and services, according to a recent survey by credit scoring services firm FICO. The survey also found that a third of customers have changed their banks only one or two times.
Most respondents (66%) said they receive their banking services from a traditional bank, followed by credit unions (21%) and digital banks (11%). Young people were less likely to rely on a traditional bank, with about 50% of respondents ages 18-35 citing a traditional bank as their primary provider compared with 85% of people over the age of 65.
Asked about the primary reason for choosing their financial institution, a majority of respondents said because they had been with the institution for a long time, followed by great customer service and the institution offered the best value. Asked why they left their primary bank, concerns over security was the top reason cited, followed by bad customer experience, a fraud event and poor value for money.
