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One in three under 40 is switching banks for a better mobile experience as customers want a more personalized two-way interaction
STOCKHOLM, Sweden, and ATLANTA – July 13, 2022 – Consumers want far more personalized mobile banking experiences that make it easy for them to get real-time, 1:1 support anywhere, according to a survey of nearly 3,000 consumers who was commissioned by sinch (Sinch AB (ed.) – XSTO: SINCH). The 15-country survey shows that 93% want personalized financial reviews from their bank, but fewer than 30% receive them. Customers would benefit from a higher level of interactive personalized communication with their banks and financial partners.
Customers want real-time, two-way interactions that can instantly resolve banking issues, no matter where they are. 53 percent are frustrated when they can’t reply to a mobile message, and one in three under 40 has even switched banks for a better mobile experience. This desire for personalized banking and easy communication is more pronounced among younger customers, with over 80% of Gen Z respondents wanting to solve even more complex tasks via digital channels, such as completing a loan application or sharing personal information to receive tailored financial product recommendations.
get answers immediately
Additionally, 98% say they want their questions answered quickly, but only 58% experience this. While most banks offer support via email or in-app communication channels, they have yet to embrace the ability to connect 1:1 with customers and build stronger relationships through text messaging.
It’s about securing trust
The study shows that a positive technology experience is highly correlated with securing consumer trust. Banks that don’t have good experiences are significantly less likely to have customers who say they trust their banks. Trust is also gained by knowing when human interaction with a customer is required. Even…