A recent survey by FICO reveals that customer experience (CX) is becoming increasingly important for U.S. bank customers, with nearly 90% of respondents saying that it is just as important as or even more important than a bank’s products and services. This insight holds significant implications for professionals in the credit and collection industry who are looking to enhance their strategies for engaging consumers with unpaid financial obligations.
The survey found that 62% of respondents believe that customer experience holds equal importance to the products and services offered by a bank, with an additional 26% considering it even more important. This underscores a critical shift: today’s consumers prioritize how they are treated by financial institutions just as much as the offerings themselves. Among the top reasons people leave their primary bank are security concerns, bad customer experience, and fraud incidents, highlighting the need for banks to focus on improving both digital security and the quality of customer interactions.
In terms of what matters most in customer experience, ease of use and empathy stand out. According to the survey, the most important aspects of a great customer experience are an easy-to-use website or mobile app (33%) and empathetic customer support (26%). These preferences are consistent across age groups, with a slightly higher emphasis on empathy from middle-aged customers (ages 35–44). Additionally, low-income customers are more likely to value intuitive digital platforms, with 45% highlighting ease of use, compared to only 25% of high-income respondents.
The data also sheds light on loyalty trends. A majority (57%) of respondents have never switched their primary bank, with only 33% changing once or twice. For those who stick with one institution, the primary reasons include long-term use, great customer service, and the value provided. However, younger consumers are more likely to explore different options, with only 50% of individuals aged 18–35 naming a traditional bank as their primary institution, compared to 85% of those over 65.
Regarding communication preferences, the survey emphasizes the importance of an omnichannel approach. While 75% of consumers feel that their bank contacts them at the right frequency, the appropriate channel depends on the type of message being delivered. For example, 44% of respondents prefer text messages for fraud alerts, while 39% favor email for debt notifications. These preferences indicate that banks must be strategic in selecting the right channels for different types of communication to avoid overwhelming customers while maintaining effective engagement.
Another significant insight comes from the survey’s findings on mobile app usage. Younger demographics are more likely to use mobile apps to interact with their banks. For instance, 60% of people aged 18–24 and 62% of those aged 25–34 use mobile apps, compared to just 24% of individuals aged 55–64. This trend suggests that digital banking services are especially crucial for engaging younger consumers, making it essential for banks to provide seamless and user-friendly mobile experiences.
