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What does it take for a bank to win customer business? In GOBankingRates’ Best Banks 2023 survey, 39% of all respondents said low fees were the most attractive service when opening an account at a new financial institution. It is said that Signup needed to convince customers to change banks When he asked what the bonus amount was, 23% of all respondents said he needed her $1,000 or more.

See the list: GOBankingRates’ Best Banks of 2023
See also: Best Neobanks 2023 on GOBankingRates
Other: GOBankingRates’ Best Online Banks 2023

Can you incentivize customers to transact with your financial institution with only big signup bonuses and low fees? GOBankingRates spoke with Darryl Knopp, Senior Director of Marketing for FICO’s Portfolio, to find out more about what customers want in their overall banking experience. Here’s what banks need to do to win their customers’ business:

Banks must build trust with their customers

Of the 1,000 respondents surveyed by GOBankingRates, 80% of those surveyed say they are currently satisfied with the services and products offered by their bank or credit union. Such a high percentage of satisfied customers can be considered as trusting financial institutions.

Consumer expectations of trust are much higher in banking than in most other industries, Knopf said. “From verifying an account on a bank app to visiting a physical branch, a cohesive banking experience built on a foundation of trust is of great value to consumers.”

When building customer trust, banks must consider the long-term impact of every customer move. Knopp uses the example of financial institutions designing and improving banking solutions. In doing so, the elements of transparency and control should be considered.

Take our survey: How much signup bonus do you need to change banks?

The steps banks take to build trust with their customers not only achieve long-term customer loyalty, but also give them peace of mind. According to Knopf, the concept of long-term safety helps customers understand that their assets are also safe.

Banks must prioritize safety without interfering with customer experience

Banks work hard to build trust with their customers and ensure that transactions with financial institutions are secure. Safety considerations are paramount to customers when choosing a new financial account provider.

According to FICO’s Consumer Survey 2022: Fraud, identity and digital bank in the USA, conducted of 1,000 Americans in August 2022, the most important consideration for customers choosing a new account is a good It’s an anti-fraud measure. At 33%, good fraud protection outweighs other considerations such as ease of use and value for money.

Knopf said this shift makes it all the more important for banks to develop consistent safeguards across the customer experience. However, despite the importance of good fraud prevention, the process should not be so complex or time consuming that customers would abandon the application. Two-thirds of consumers expect to spend less than 30 minutes opening a checking account.

“Banks need to strike a balance between proving security measures without interfering with the customer experience,” said Knopp, adding that this balance must be achieved in the onboarding process.

Customer tastes are changing and banks need to stay vigilant

Customer preferences change over time. Knopf says changing tastes include, but are not limited to:

• Customers who want to be alerted immediately when suspicious charges are made to their account.
• Ability to control in an automated or self-service manner.
• Quick access to bank accounts from the channel that customers are most comfortable with.

One of the most interesting changes Knopp has seen is the preference for digital banking options. According to a survey by GOBankingRates, respondents’ preferred banking method is mobile his banking (59%), followed by online banking (22%, especially using his web browser).

Information from FICO’s survey reflects similar sentiments. 59% of US consumers surveyed by FICO said they would prefer to open a personal bank account digitally. Digital Banking Consumer expectations for a more personalized financial experience are rising as preferences for options change, Knopp said.

A personalized experience is both an expectation and a need. Ultimately it comes down to the bank’s ability to build trust and long-term relationships with its customers.

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