Survey: Customer service a must in keeping customers

Banks must emphasize customer service to attract and retain customers, according to a survey of 1,000 customers by data analytics company FICO. .Sixty-two percent said customer experience was as important as a bank's services or products, while 26 percent thought it was more important. Sixty three percent of customers 65 or older said so, compared to 56.3 percent of those ages 18 to 24. One-in-three listed an easy-to-use website and/or mobile application as the most important part of an exceptionally good customer experience, followed by 26.3 percent who cited empathetic customer support. .According to FICO, banks that attract young customers are likely to keep their loyalty in the coming years. Customers ages 18-24 were the most likely to have only one bank account, with most having two or three. More than half had never changed their primary provider, while one-in-three had done so once or twice. .Fifty six percent would choose a financial institution to be their primary provider because they had been using them the longest. Forty eight percent listed providing exceptional customer service as the biggest factor. According to FICO, financial institutions must use a "data-driven analytical perspective" to develop a deeper understanding of their customers and therefore offer better service. ."Customers will stay with their banks if loyalty and safety are established," said FICO Head of Customer Insights Darryl Knopp. "… Banks need to prioritize choosing the appropriate communication channels to provide customers with personalized interactions and foster long-term relationships." .In terms of what would make them leave their primary bank, 54 percent listed security concerns, with 51 percent cited poor customer experience. Forty one percent said a fraud event would make them leave their primary bank. .Other report findings included:.Customers listed savings accounts (81 percent), credit cards (68 percent), loans (53 percent) and real-time payments (48 percent) as their most important services. Only 10 percent listed cryptocurrency, with 17 percent citing 'buy now, pay later.' Fifty-three percent of customers ages 18-24 and 55 percent of those 25-35 listed a traditional bank as their primary provider, much lower than the 85 percent of people over the age of 65. Low-income customers were more likely to use a digital bank with only a website or app — 24 percent, compared with 7 percent and 13 percent of medium- and high-income customers, respectively. The majority had positive views of their bank's customer service, with 39 percent listing service as "excellent" and approximately half saying it was "generally good." Younger customers were 10 percent less likely to rate their customer experience as "excellent" than older customers. High-income customers were nearly twice as likely to report being "extremely satisfied" with their customer experience than their lower-income peers.