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Gallup Reveals “Trust, Engagement and Exceptional Omnichannel” at CBA LIVE 2015
At CBA LIVE 2015 Gallup Reveals “Trust, Engagement and Exceptional Omnichannel”
- Consumer trust in security and technology is key to the adoption of technology channels and digital wallets
- Consumers “want it all,” with every physical and digital touchpoint important to customer engagement
- Distribution network and technology lag behind in driving perceived “excellent value”; consumers want a competitive and rewarding omnichannel experience
“Consumers today are seeking three core promises from their banks: trust, engagement and an exceptional omnichannel experience,” revealed Ed O’Boyle, Gallup Global Practice Leader at the opening of CBA LIVE, the Consumer Bankers Association’s annual conference for retail banking industry leaders, focused on unpacking the consumer-centric agenda.
O’Boyle revealed analysis of ongoing tracking of the issues affecting the American consumer from 2008 to today, using many independent Gallup analytics sources, considering the role economic confidence, consumer spending, payroll to population, trust and emotional engagement play in a consumer’s relationship with his or her bank. Highlights include:
- Consumers studied say they have a lot of trust in their primary bank (60%) to keep their personal information secure. Trust in health insurance companies (26%), credit card companies (24%), brick and mortar retailers, that is retailers with a store front, with a store front (17%), and online retailers (10%) lags behind banks.
- Consumer trust is essential for the adoption of digital wallets, with 9% of customers studied who have a lot of trust in their primary bank saying they are likely or very likely to start using one in the next 12 months.
- The use of more channels does not maximize a customer’s engagement with his or her bank.
- The challenge for banks is that customers expect perfection from each of the channels, and when even one channel is less than a 5 (high) on satisfaction, customer engagement drops by more than 30 percentage points.
- Employee belief and alignment in their bank, to the point of recommending it to their friends and family, drives increased performance. Gallup’s research reveals that 35% of bank employees studied would recommend the bank to their friends and family.
- Consumers studied “want it all,” with an exceptional omnichannel experience providing “excellent value,” but the use of more channels does not maximize customers’ engagement.
- Consumers studied want an experience that rewards them for the business they do with their bank and provides competitive rates and clear communication, which all drive perceived value.
Commenting on O’Boyle’s presentation President and CEO of the Consumer Bankers Association, Richard Hunt, stated, “Banks share an important connection with their customers and their communities. This insight provides a valuable perspective on the wants and needs of the American consumer."
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
Methodology For Data Represented in this Press Release
Results are based on a Gallup Panel Web study completed by 11,043 national adults, aged 18 and older, conducted Nov. 20-Dec. 1, 2014. The Gallup Panel is a probability-based longitudinal panel of U.S. adults who Gallup selects using random-digit-dial phone interviews that cover landline and cell phones. Gallup also uses address-based sampling methods to recruit Panel members. The Gallup Panel is not an opt-in panel and panel members do not receive incentives for participating. For results based on this sample, one can say that the maximum margin of sampling error is ±1 percentage point, at the 95% confidence level. Margins of error are higher for subsamples. In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls. For methodology or questions about the study or presentation please contact Gallup Global Communications.