When it comes to personal banking, essential communications aren't merely a conduit for information, they are the foundation for a customer's relationship with their banking provider.
According to our research, 81% of consumers indicated they value essential communications from their personal banking provider. This has remained unchanged since our 2021 survey.
From fraud alerts to policy updates, every interaction customers have with their bank shapes their perception of their entire banking experience.
In a world where financial decisions are deeply personal, understanding how individuals react to and perceive essential communications becomes integral for the banking industry's evolution.
In this focused report, we'll explore consumer reactions to essential communications in the personal banking industry, to help financial institutions identify where and how they should focus their efforts to improve their customer experience.
81%
of consumers value essential communications from their personal banking provider
We asked respondents what movie genre best reflects their banking provider’s communications
They chose documentary!
When we asked consumers to choose a movie genre that best reflected how they feel about essential communications from their banking provider, this is what they chose.
This means that while consumers view essential communications from their bank as factual and informative, they are possibly lacking in engagement or personalization.
Providing communications in your customer’s channel of choice is key. By meeting customers on the journey they choose, you are more likely to capitalize on the convenience and timeliness effects of your communications and therefore drive brand loyalty.
How do consumers interact with banking communications?
While many consumers use mobile apps to manage banking activities, when it comes to essential communications like statements, 64% of consumers prefer to receive these via email.
|
Which communications are destined for the trash? |
|
 |
New offers/services |
|
Notice about changes to account |
|
Most frequently opened and read in full |
|
 |
Notice about changes to account |
|
Notice when setting up new payment/account |
What do consumers do with essential communications?
When communications are unclear...
Millennials and Gen Z are twice as likely to throw out or ignore communications if they are unclear when compared to Boomers.
How do banking customers feel about security and fraud?
While phone calls, emails and text messages are amongst the most popular tools in the cybercriminal and scammer toolkit, these channels are also the preferred contact points for banking customers in the event of fraudulent or suspicious activity on their account.
70%
of consumers worry about security and electronic fraud
The most effective channels to protect against security and electronic fraud.
We are Computershare Communication Services
Now that you understand more about the ways customers react to your essential communications, which of the learnings we've shared can you implement into your communications approach and strategy?