Customer Experience Ranks as Top Priority When Choosing a Primary Banking Provider

Customer experience has become the top priority for banking clients, with 88% of respondents considering it as important or even more important than the bank's products and services. according to FICO.

New research revealed most banks are delivering strong customer experiences, with 39% of customers rating their primary bank experience as "excellent" and approximately half describing it as "generally good.”

The report highlighted the importance of meeting customer expectations in terms of experience, as customers tend to remain loyal to one traditional bank. Therefore, once a bank secures new customers, they are likely to retain their loyalty for years to come.

This was reflected in the fact that over 90% of respondents confirmed they have a primary provider. However, young people are the least likely to have a primary bank account, with only 77% doing so, compared to 90% of all other older demographics.

Darryl Knopp, head of customer insights at FICO, said:  “Customers will stay with their banks if loyalty and safety are established. Banks need to prioritize choosing the appropriate communication channels to provide customers with personalized interactions and foster long-term relationships.”

The report stressed the importance for banks to stay aligned with evolving customer behaviors, experiences, and preferences.

In particular, it noted that more customers are seeking a personalized customer service, so banks should choose communication channels that align with this preference, use context to tailor interactions and prioritize building long-term customer loyalty.