Home Stock list Security and fraud protection are top priorities for banking consumers in 2022

Security and fraud protection are top priorities for banking consumers in 2022


Branch support and new financial wellness tools for young consumers are also cited as “must-haves,” according to new research from Verint.

Concerns about the security of their funds and protection against identity theft are replacing “low or no fees” as key factors when choosing a new bank, with “security of personal information”, “protection against fraud” and “fraud alerts” among the main ones. factors considered by consumers, according to a new study published today by Verint® (Nasdaq: VRNT), the customer engagement company.

In addition to security concerns, the report highlights the need for banks to improve the in-branch experience as well as new and emerging needs to support the financial well-being of young consumers as the most important ways to improve the experience and customer satisfaction.

The Verint Experience Index(VXI): Banking Report is a benchmark consumer satisfaction survey of 20 major banks and includes Customer Satisfaction (CSAT) and Net Promoter Score (NPS)* rankings and insights from a survey of over 5,000 Gen Z, Millennials, Gen X and Baby Boomer consumers.

The VXI examines banking skills across five key factors that impact customer satisfaction: branches (convenience, diversity of locations, level of service); trust (accuracy of transactions, security, protection of PII); products (meet financial requirements, flexibility, clarity of terms); representatives (understanding, responsiveness, resolution); and services (account management, access, simplicity).

Verint’s methodology measures several key customer satisfaction factors to calculate their impact on CSAT, helping banks succeed in an era of more complex customer journeys and higher expectations than ever before.

Banks lack in-person support

In recent years, banks have streamlined their physical operations amid shutdowns and as digital banking has grown during the pandemic. Despite a move towards automation and a more digital world, many banking consumers still value human interactions, especially for more complex banking tasks.

Research shows that digital channels are popular for simple tasks. To research a product or service (57%), complete a transaction (53%) or request a product or service (49%), a large portion of consumers first interacted with the bank on its website or mobile app or via chat/email to perform these tasks.

When a task is more complex, customers prefer human interaction. The last time they needed to resolve a problem with their accounts, 54% of consumers first called the bank or went to a branch or drive-thru. Baby boomers were more likely than younger consumers to go inside the bank (27%) – at least 10 percentage points more than younger consumers. Nearly 40% of consumers who visited a branch said they had to wait longer than expected.

“The banking industry is facing a scenario where the great resignation meets the ‘great recalibration,’” said Jenni Palocsik, vice president, marketing analytics, experience and enablement at Verint. “Banks are recalling furloughed staff, reassigning team members who were dedicated solely to digital channels, and rethinking how to adequately staff bank branches to meet fluctuating in-person service needs.”

Given this new challenge, banking operations should consider adding digital technology to enhance the branch experience. Digital channels can be used by customers to book appointments via online forms or automated email flows. Customers can receive reminder alerts and appointment information, while branches can prepare for appointment volume and timing and allocate resources accordingly.

Retooling necessary to meet the needs of young customers

In last year’s VXI for Banking report, Gen Z and Millennial consumers led the way in embracing new, additive banking services such as micropayment apps such as Venmo and Zelle. This year’s research shows that the need to expand banking offerings to incorporate new financial tools and technologies to empower young consumers to better manage their finances continues.

This year’s research found that Gen Z and Millennial banking consumers need more help with cutting costs, tracking subscriptions, creating budgets and managing expenses.

“With global inflation pressures mounting, a lack of financial management assistance is likely to have a greater impact on younger generations than it did six or twelve months ago,” Palocsik says. “With many younger consumers keen to switch banking providers, banks need to offer products and services to help bridge the financial literacy gap among Gen Z and Millennials to retain loyal customers for the long term.”

Download the Verint Experience Index: Bank Report for the full ranking and more information on the 20 banks featured.

Survey methodology

The Verint Experience Index (VXI) is a web-based panel survey report chronicling customer experiences in key industries. The 2022 edition of VXI for Banking ranks the omnichannel customer experience of the top 20 commercial banks in the United States that offer savings or checking accounts as ranked by the Federal Reserve based on total assets. Rankings are based on customer satisfaction (CSAT), on a scale of 0 to 100. Net Promoter Score (NPS) is also shown on a scale of -100 to 100. The most recent study was conducted from 16 March to April 10, 2022, with a total of 5,115 survey respondents.

About Verint

Verint® (Nasdaq: VRNT) helps the world’s most iconic brands, including more than 85 of the Fortune 100 companies, build lasting relationships with their customers by connecting work, data and experiences across the enterprise. Verint’s customer engagement portfolio is powered by the latest advancements in artificial intelligence and analytics, an open cloud architecture, and the science of customer engagement to help customers bridge the engagement capability gap.

Verint. The Customer Engagement Company. Learn more at Verint.com.

*Net Promoter, Net Promoter System, Net Promoter Score, NPS, and NPS-related emoticons are trademarks of Bain & Company, Inc., Fred Reichheld, and Satmetrix Systems, Inc.

This press release contains “forward-looking statements,” including statements regarding expectations, forecasts, beliefs, opportunities, plans, strategies, beliefs, and statements of similar effect regarding Verint Systems Inc. These statements forward-looking statements are not guarantees of future performance. and they are based on management’s expectations which involve a number of risks, uncertainties and assumptions, each of which could cause actual results to differ materially from those expressed or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 and other documents we file with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint undertakes no obligation to update or revise them or to provide reasons for which actual results may differ.

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