Direct bank satisfaction slides as communication underdelivers

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Satisfaction with US direct banks declined into 2021 even as digital channel usage soared, according to a J.D. Power study sent to Insider Intelligence. (A direct bank is a wholly digital online subsidiary bank launched by an incumbent that has an existing branch network.)

Customers cited communication, or lack thereof, as the leading factor contributing to the pullback in satisfaction, with products and fees shortly behind. Displeasure was most acutely felt by younger consumers and those who have suffered financially during the pandemic.

Improving customer communication is key to staving off the decline in direct bank satisfaction. Here are two areas they could improve most:

Online customer service channels should be better utilized. Among digital channels, online assistance usage marginally increased over the past year, and also suffered the steepest fall in satisfaction. Customers became more reliant on online channels during the crisis, but did not necessarily find the websites as informational, navigable, or inclusive as they may have expected.

Product & fee information should be more clearly presented in digital channels. Customer understanding of interest rates and fee structure experienced year-over-year declines of 5% and 4%, respectively. Not surprisingly, users who had a better grasp on such information …read more

Source:: Businessinsider – Finance


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