Data Snacks, Member Exclusive

Data Snack: Only 41% of consumers are satisfied with their financial services messaging

  • New research shows that 17% of financial services brands use only one communication channel, and only 28% deliver unified campaigns across all channels.
  • Meanwhile, only 39% of consumers find the communications by financial brands relevant to their needs. This gap must be addressed, but how?
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Data Snack: Only 41% of consumers are satisfied with their financial services messaging

Banks and FIs are starting to recognize the need to engage with their customers on multiple channels, which has opened up a larger discussion around what customer engagement means in the financial industry. Recent data by Braze shows that there is a noticeable gap between how satisfied FIs perceive their customers to be and how satisfied they actually are. As the chart below shows, while 82% of FIs think their customers are satisfied with their messaging, only 41% of customers report being so.

a) 82 % of financial services brands think customers are satisfied with their messaging.
b) 41% of customers say they are satisfied with their financial service's messaging.

c) 60% of consumers prefer to receive communications from their financial services brands less than once a week.
d) 49% of financial services brands send communications at least a few times a week.

Source: Braze

Banks and FIs are starting to recognize the need to engage with their customers on multiple channels, which has opened up a larger discussion around what customer engagement means in the financial industry. Recent data by Braze shows that there is a noticeable gap between how satisfied FIs perceive their customers to be and how satisfied they actually are.

In turn, this gap leads to limited visibility into how well any individual messaging channel is doing, or indeed, what it should be doing. For example, while 60% of customers would like to hear from their FI less than once a week, 49% of FIs send communications at least a few times a week. Excessive communication is exhausting for customers and resource-intensive for FIs. It also limits the possibility that customers will pay attention in the long term.

FIs rely on their proximity to consumers’ finances and enjoy prioritization over the run-of-the-mill social media apps in a notification bar. This differentiation can disappear if consumers are pinged more often than they absolutely need to be.

 


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