Convenience is what customers seek while doing banking

Bank customers are concerned about security, issues relating to trust and inefficient card services, according to a study done on the basis of customer conversations on social media:

Security concerns of bank customers are posing a major challenge for the banking industry today, a study, interestingly based on an analysis of some 85,000 customer conversations during 17 months in 2021-22 on major US traditional and neobanks, has found. The study covers changing dynamics in the banking industry and presents opportunities for brands to enhance customer experience. It was conducted by Delaware-based Cooltrack, a real-time customer experience analytics platform.

The study mentions that thousands of conventional and neobank customers are taking to social media to flag off instances of poor customer service and negative aspects of various US banks. Even though neo, digital or virtual banking is on the upswing, this sector too faces many critical concerns, the chief being the much-needed trust. The customer conversations involved traditional banks like Bank of America, Capital One, Citigroup, Goldman Sachs, JP Morgan Chase, PNC Financial Services, TD Banks, Truist Financial, U.S. Bancorp, Wells Fargo, and neobanks like Albert Corporation, Bank Mobile, Chime, Current, Dave, Go2Bank, Monzo, Revolut, Sable, SoFi and Varo.

ISSUES OF NEOBANK CUSTOMERS

The study says even with the hi-tech, sophisticated and cutting-edge digital banking solutions that have transformed the offerings, customers of neobanks are facing distressing experiences in account closures. “These customers have huge problems with security, fraud and refunds and neobanks have a massive challenge of creating trust and maintaining it. This overriding factor is to build confidence around safe accounts and access,” says the study.

CARD SERVICES LAGGING