NEW YORK (PRWEB) JULY 10, 2023
Arizent, the parent company of American Banker, an information resource serving senior executives in financial services, publishes Building a Customer-Centric Bank research report. Sponsored by ServiceNow, the findings of the report reveal that 60% of banks surveyed are highly customer-centric, with mid-sized banks leading the way and community banks trailing.
The research indicates that banks are using three overlapping strategies to deliver experiences that customers value: 1) offering banking services that align with key customer experience drivers; 2) defining an ideal customer experience (CX) and delivering against that goal; and 3) consistently delivering against a set of highly customer-centric attributes.
"Community banks and credit unions are known for being hyper-focused on their customers, yet our research shows that may not equate to customer-centricity ," Janet King, Vice President of Arizent Research, says. "These financial institutions actually rank lower than larger retail banks for their customer-centric strategies."
The report also highlights a discrepancy in tech priorities based on the size of the financial institution. The top tech priority for larger retail banks, in moving CX initiatives forward, is securing customer data, whereas credit unions see reducing friction in the customer journey across all channels as their top tech priority.
"This could be an issue for community banks and credit unions," King continues. "Not only do bigger banks have larger product portfolios and more developed digital channels, they're also more actively pushing forward their CX initiatives. Community banks and credit unions can't rest on their mission statements and need to invest in plans that can drive customer-centricity. That could mean finding a vendor or solution partner to support CX strategies."
In terms of reaching CX goals, banks generally fall into one of two categories when asked how they want customers to perceive their services: easy, simple and fast, or personalized, innovative and empowering. The report highlights best practices for each approach.
To read the detailed findings, download the full report here: https://www.americanbanker.com/research-report/unlocking-success-strategies-for-building-a-customer-centric-bank
Research Methodology
This research was conducted online by Arizent and American Banker in April and May 2023 among 156 respondents in the banking industry. To qualify, bank professionals had to be at least manager level or higher and have deep knowledge of and/or direct involvement with their financial institution's customer experience strategies.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About American Banker
American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850K strong, American Banker's transformative content connects leaders online, in person and in print every day.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About ServiceNow Financial Services
ServiceNow (NYSE: NOW) makes the world of financial services work better for everyone. Our cloudbased digital platform and solutions help digitize and unify banks, credit unions, wealth managers, asset managers, and insurance firms so that they can find smarter, faster, better ways to make work flow. So, employees and clients can be more connected, more innovative, and more agile. And we can all create the future of financial services that we imagine. The world works with ServiceNow. For more information, visit: www.servicenow.com/financialservices