Strategies for Banks to Improve Digital CX 


GoMoxie survey reveals 57% of consumers prefer human interaction over bot when banking 

Insights
Strategies for Banks to Improve Digital CX 

Customer engagement software provider goMoxie released shocking new data centred around the state of CX in modern banking. The results discuss COVID’s effect on banking CX, and how despite the rapid shift to online banking, customers remain very much against the use of digital in their customer service. 

GoMoxie surveyed over 1,000 consumers to get a sense of their feelings and interactions with online banking over the last year, and where it needs the most improvement. 

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. Here are the results in full: 

Understand the Limitations of the Chatbot: 60% of Customers Don’t Trust Them

When asked how they feel about chatbots, 1,056 respondents, 57% said they’d prefer to interact with people. Added to that, 33% responded that chatbots weren’t helpful in answering their questions, and 15% said they’re too impersonal. In total, just 22% of respondents had a positive impression of chatbots. 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. This suggests 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

Up to 55% of customers are struggling with issues including logins, transfers or payments, updating personal information, account balance checks, opening a new account, or adding a new product or service. These are generally called Level 1 issues and frustrated with the never-ending automation loop, 61% of respondents said they would rather speak to a representative, leading to longer wait times, which 32% of consumers indicated they had experienced in the last 12 months. These numbers suggest it would be incumbent on banks 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

Up to 48% of respondents said that they prefer keeping social media as a means to interact with friends and family. Added to that, another 25% said they found using social media for banking to be too intrusive. The personal nature of banking may not lend itself to this brand of customer service, results suggest. 

Digital is Here to Stay

Banks need to find connections across new technology channels, with digital platforms here to stay, and many consumers craving an “in person” interaction. Up to 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. 

To conclude, the data reveals that banks do have an opportunity to connect with customers, yet they may be missing ways to better meet their expectations and build trust.  

 


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