New goMoxie Survey Reveals Where Banks Need New Strategies to Connect with Customers Digitally
The move towards more digital offerings has been a cornerstone of the banking industry for decades. It seems like each year a new product or service comes along, from digital transfers, to automatic bill paying, to scanning and depositing checks, that adds a new layer of convenience to the banking experience.
While these changes signal progress, however, some of the experiences offered to customers can be a downgrade. With an increase in automation, there are fewer and fewer interactions that can help guide customers through website or other service issues. Most of us don’t need a human interaction for every issue, but when dealing with topics as sensitive as personal finance, it’s usually preferable to have the option to speak to a real person to help guide us and clear up any confusion.
goMoxie recently conducted a survey of more than 1,000 respondents to better understand their feelings on the customer experience offered by banks. For example, the survey revealed that 32% of respondents have experienced long wait times since the pandemic began; further, how banks are addressing the increased volume is not directly aligned with customer expectations. Here are four other interesting takeaways from that survey.
Understand the Limitations of the Chatbot: 60% of Customers Don’t Trust Them
In the survey, customers were asked how they feel about chatbots —automated customer service that pulls answers from a knowledge base based on specific customer prompts. With 1,056 respondents, 57% said they’d prefer to interact with people. Further, 33% responded that chatbots weren’t helpful in answering their questions, and 15% said they’re too impersonal. In total, only 22% of respondents had a positive impression of chatbots, while the overwhelming majority were dissatisfied with the service they offer. Despite how often companies rely on chatbots to handle customer issues, 60% of respondents said they don’t trust chatbots to communicate their issues effectively. These numbers suggest that companies are over-relying on a service that leaves customers frustrated, which can lead to a decrease in customer loyalty.
Consumers Are Struggling With Avoidable Issues That Are Burdening Representatives
Most consumers (55%) are struggling with Level 1 service issues including login issues, transfer or payments, updating personal information, account balance checks, opening a new account, or adding a new product or service. Frustrated with the never-ending automation loop, 61% of respondents said they would rather speak to a representative, leading to longer wait times, which almost a third (32%) of respondents indicated they had experienced in the last 12 months. For banks that rely on automation to handle the lion’s share of their customer service inquiries, these survey results suggest that it would be incumbent on them to implement proactive guidance solutions to increase customer satisfaction.
Customers Prefer to Keep Social Media Personal: 25% Say It’s Invasive for Banks to Interact Over Social Channels
When asked if customers wanted to interact with their bank over social media, 48% of respondents said that they prefer keeping social media as a means to interact with friends and family, and another 25% said they found using social media for banking to be too intrusive. In an era where more and more brands are choosing to use social media as a platform for customer interactions, the personal nature of banking may not lend itself to this brand of customer service.
Digital is Here to Stay
With digital platforms here to stay, and many consumers craving an “in person” interaction, banks need to find connections across new technology channels. In all, 62% of respondents said they wanted their bank to have a physical presence. Of those who prefer a physical location, 57% wanted to have the option of speaking to a banker in person for major issues, and 10% said they would like to establish a relationship with a personal banker.
The clearest takeaway from this survey suggests that banks have an opportunity to connect with customers, yet they may be missing ways to better meet their expectations and build trust. While the majority of customers still prefer the option to have some human interaction with their banks—either a brick-and-mortar location or the option to speak to a representative—it’s mostly for emergencies or high-value actions. Many respondents found the use of chatbots ineffective in resolving their issues, and interacting with banks via social media was also seen as invasive. Banks who leverage self-guided tools to resolve basic issues, while maintaining some form of live interaction for escalations, will be in the best position to build brand loyalty in the long run, while those that move further towards impersonal automation may find themselves with dissatisfied customers.