US Banking industry challenges galore as Customer Experience (CX) issues are demanding attention
• Banking services are reviving and innovating, but customers’ top concerns are yet to be addressed.
One of the most significant challenges the banking industry faces right now is the security concerns of banking customers. While mobile apps and technology have made banking more convenient, they also present new difficulties.
These findings are based on an analysis of 84,497 customer conversations discovered over 17 months in 2021-22 on major US traditional and Neobanks conducted by Delaware-based Clootrack, a real-time customer experience analytics platform. The report covers changing dynamics in the banking industry and presents opportunities for brands to enhance customer experience.
Banks mentioned by the customers include Bank of America, Capital One, Citigroup, Goldman Sachs, JP Morgan Chase, PNC Financial Services, TD Banks, Truist Financial, U.S. Bancorp, Wells Fargo, and Neo Banks mentioned are Albert Corporation, Bank Mobile, Chime, Current, Dave, Go2Bank, Monzo, Revolut, Sable, SoFi and Varo.
Thousands of conventional & 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, the sector faces many critical concerns, the chief being the much-needed trust.
Even with the hi-tech, sophisticated, and cutting-edge digital banking solutions that have transformed the offerings, the customers of Neo banks are facing distressing experiences in account closures. Neobank customers have huge problems with security, fraud, and refunds. Neobanks have a massive challenge of creating trust and maintaining it. This overriding factor is to build confidence around safe accounts and access.
Traditional bank customers are concerned about the card services, late payment charges, and higher fees. At the same time, security was also a cause of concern. The customers are looking for better card services and a reduction in various types of charges. Another aspect of the customers includes the card balance, getting a credit increase, issuing new cards, card information, and card delivery.
