Verint: COVID-19 Shifts Customer Banking Journey

William Smith

According to Verint, consumers increasingly demand omni-channel options

Verint Channel News
Verint: COVID-19 Shifts Customer Banking Journey

Customer engagement management and analytics company Verint has released a report highlighting shifts in consumer banking trends during the pandemic. 

One of the major findings was that consumers are now banking through more channels, reaching an average of 4.1 different options. The effect was even more pronounced with younger generations, with Generation Xers using an average of 5.3. 

The survey research of more than 3,700 consumers is based on the Verint Experience Index, a banking benchmark survey of consumer satisfaction of 15 leading banks, which also includes customer satisfaction and net promoter score rankings. The research was carried out in March 2021 and compares the customer experience to both before and after that beginning of the pandemic in 2020. 

With the pandemic limiting social contact, digital options naturally came to the fore, with a majority of customers engaging with banks via digital self-service means – 75% to resolve an issue, 73% to open an account or apply for a new product or service, 73% to gain information on a new product or service, and 60% to conduct a transaction. That doesn’t mean that banks can neglect other channels however, with high self-service failure rates meaning contact centre, chat and email options remain vital. 

“Banks have just been through one of the most challenging years in recent history, and this arduous landscape is unlikely to change anytime soon,” said Verint’s Kevin Daly, global vice president and GM, experience management. “Our research shows that as customer experience grows more important every year, the realm of customer engagement and customer experience is getting harder to navigate. Customer journeys are more complex and expectations are higher than ever. The largest banks in the U.S. have found a way to stay on top over the past year but will need to stay vigilant. Meanwhile smaller banks will have to work twice as hard to compete.” 

Security a Customer Priority 

Usage of micropayment apps has significantly increased since 2020, with twice as many customers using Venmo and Zelle and nearly three-quarters of all respondents using PayPal over the past year. 

Despite that increase, many customers remain wary of using such apps, particularly among older generations – with 46% of Baby Boomers not using them at all. Compare that with the fact that 39% of Millennials and Gen Xers use micropayment technology more now than in 2020. 

Overcoming consumer fears regarding security thus remains a significant post-pandemic challenge for banks, as well as a priority for customers, with 63% of those surveyed using fraud alerts. 

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