State of the Consumer
Banking Experience
Fresh insights for financial services marketers from
a survey of 1,200+ consumers

Overview
Financial services institutions are working to modernize their offerings and
provide consumers with better mobile banking experiences.
However, as banks adopt mobile strategies, marketers are struggling to connect
phone calls to the rest of the omnichannel customer journey.
We surveyed more than 1,200 people to better understand the impact
marketing and customer experience have on consumers’ decision in choosing a
financial partner.
STATE OF THE CONSUMER BANKING EXPERIENCE

About the study
Respondents: 1,285 United States residents 18+ who had taken out a loan
of at least $15,000 in the past three years.
Recruitment period: October 3, 2016 to October 9, 2016.
Margin of error: 2.8%
Sample: The sample was provided by Market Cube, a research panel company,
who surveyed respondents via email.
STATE OF THE CONSUMER BANKING EXPERIENCE

Contents
For banks, omnichannel is the new normal 5
Calls are a key part of the decision making process 7
Experience matters 9
What makes a good experience? 11
The future of omnichannel banking 14
Conclusion 15
Contact 16
STATE OF THE CONSUMER BANKING EXPERIENCE

For banks, omnichannel
is the new normal
Banks need to think beyond digital, as offline interactions
have a major impact on consumer decisions and trust.
Multiple modes of communication
When interacting with their banks, people use every channel of communication
including mobile apps, phone calls, online websites, text or SMS messages, chatbots,
in-branch visits, etc.
use at least two different
channels during an
average month.
use three or more channels
to communicate with their
bank in an average month.
24+76+U 63+37+U76%
37%
75%
of consumers say
it’s important or extremely
important to be able to
easily switch between
channels when interacting
with their bank.

Offline actions dominate loan research
Consumers list offline actions as their primary mode of contact when
evaluating a financial institution.
CONSUMERS ARE CALLING
MULTIPLE BANKS, MULTIPLE TIMES
DURING THE LOAN RESEARCH PHASE.
Visit a
branch
Make a
phone call
Complete an
online form
Contact via
mobile app
Use online
messaging
Send an
email
Engage through
social media
N/A
38%
26%
16%
7%
3%
3%
2% 5%
made at least one
phone call.
made at least two
phone calls.
made four or more
phone calls.
16+84+U
28+72+U
74+26+U
84%
72%
26%

Calls are a key part of the
decision making process
65% of respondents said they were more likely to take out a loan from
an institution they spoke with on the phone during the loan process;
this increased to 73% when people took out a loan of $100K or more.
Loans are complicated; calling makes it easier
People call during the loan research phase for two primary reasons:
called to get expert
advice for or discuss a
complex situation.
called to get a quick
answer or to avoid
filling out a web form.
67+33+U 76+24+U33%
24%
STATE OF THE CONSUMER BANKING EXPERIENCE

Call length can be a good indicator of call quality
When it comes to taking out a loan, calls to financial institutions led
to significant discussions:
Call length is even more significant when it comes to larger loans:
70% of people who took out $100,000 or more spent at least five minutes on the
phone with a bank representative; 33% spent more than 10 minutes.
THE BIGGER THE LOAN,
THE MORE LIKELY POTENTIAL
CUSTOMERS ARE TO CALL:
of calls lasted at
least five minutes.
of calls lasted
ten minutes or longer.
63%
29%
93%
of people who took out loans
of $100,000 or more made at
least one call to the financial
institution they ultimately
chose for their loan.

Experience matters
Financial institutions must create good offline experiences
or risk losing customers.
would be likely
to choose another
financial institution.
would write
a negative
review online.
44+56+U 63+37+U56%
26%
A negative call experience can break a sale
After a negative phone experience regarding loan consideration:
STATE OF THE CONSUMER BANKING EXPERIENCE

A positive call experience can make a sale
After a positive phone experience regarding loan consideration:
Word of mouth
recommendations are
the most influential way
survey respondents reported
hearing about financial
institutions, so this is a
feedback loop that positively
impacts the bottom line.
would be likely to
choose that institution
for their loan.
would refer someone
to the same lender.
would write a
positive review online.
would write
positive comments
on social media.
43+57+U 49+51+U63+37+U72+28+U57%
51%
37%
28%

What makes a
good experience?
People want a consistent omnichannel experience and
personalized recommendations.
Know your customer before picking up the phone
More than half of respondents said these two offenses had a negative impact on their
decision to choose a loan institution:
said being transferred
around to multiple
representatives.
said having to restate their
identifying information each
time they were transferred.
37+63+U 44+56+U63%
56%
ON THE FLIP SIDE:
84%
80%
said that being
immediately routed
to the right rep had a
positive or extremely
positive impact on
their decision.
said that it had a positive
impact on their decision
when the representative
immediately knew their
relationship to the bank
and account history when
they picked up the phone.

In branch Over the phone Via email During online chat
with a person
Through
social media
During online chat
with chatbot
59%
54%
34%
25%
15%
13%
Personalization matters,
especially during offline interactions
Personalized service is vital for in-person and phone conversations; consumers are
more willing to forgive impersonal recommendations that come via digital means.
When asking people to express when it was ‘very important’ for a financial institution
to provide personalized service and recommendations, respondents answered:
of respondents said that seeing
i ital a s that con icte ith a
conversation they had on the phone
had a negative or extremely negative
impact on their decision to take
a loan from that bank.
45%
LEARN MORE

Consumers build relationships offline
When asked which method of communication is the most effective for
building a relationship with their bank, 75% selected an offline method:
In branch Phone call Email Online chat
with a person
Social media Chatbot Other
44%
31%
10%
8%
4%
1%
1%
STATE OF THE CONSUMER BANKING EXPERIENCE

The future of
omnichannel banking
The future is clearly mobile, but for banks, human interactions
still matter.
When interacting with their banks, people use their
banking app most often
of people said they
have used their bank’s
app at some point.
of people sign on to
their bank’s app once a
week or more.
of millennials use their
banking app at least
once a week.
20+80+U 45+55+U 40+60+U80%
55%
60%
PEOPLE GO OFFLINE
FOR MORE COMPLICATED
OR SENSITIVE INTERACTIONS
Mobile apps are consumers’ primary
mode of interaction for checking
a balance or transferring money,
ut res on ents sai an o ine
interaction—either calling or going
in person—is their primary form of
communication for:
Reporting a fraudulent charge
Clarifying a statement
Evaluating a loan
Opening an account

For sensitive information, people want to talk
As banks adopt new technology for customer interactions like chatbots, they
should keep in mind that consumers are only comfortable using this type of
automated customer service for basic functions. For anything more complicated
(e.g. clarifying a confusing statement or evaluating a loan), consumers want
a conversation with a person.
would be uncomfortable
or very uncomfortable
discussing fraudulent
banking charges
with a chatbot.
are comfortable or
extremely comfortable
discussing fraudulent
charges with a bank
representative over
the phone.
are comfortable talking
over the phone about
loan options.
would be comfortable
talking to a chatbot
about loan options.
51+49+U 21+79+U19+81+U57+43+U49%
79%
81%
43%
MILLENNIALS TOO, WANT TO
HAVE A CONVERSATION WITH
A PERSON, NOT A BOT.
20% of millennials said they would
use a chatbot assistant if their bank
o ere it com are to of
o erall customers.

Conclusion
Banks that want to keep up with the demands of today’s consumers need to
think beyond digital. Apps and websites are important, but it’s a mistake to
invest in these properties at the expense of voice conversations. Talking with
representatives in the branch and over the phone builds trust, confidence,
and long-lasting relationships. This is critical for consumers when choosing an
institution from which to purchase large-value loan products and safeguard
their finances. Financial institutions can improve these experiences by focusing
on creating seamless and personalized experiences offline, and connecting
interactions like phone calls to the rest of the digital customer journey.
STATE OF THE CONSUMER BANKING EXPERIENCE

Learn how SunTrust Bank worked with
Invoca to increase conversions from paid search
by 50% and boost call center efficiency by 60%.
WATCH THE VIDEO:
To hear more about Invoca, call us at 855-978-2622