Customer experience plays an important role in a customer’s financial decision making, including time commitment and loyalty
FICO (NYSE: FICO)
Highlights:
- 90% of Canadians say that a bank’s customer experience is as important as – or more important than – its products and services.
- Canadian consumers largely approve of their banks’ communication methods with 68% reporting satisfaction and only 7.4% citing poor communication with their primary bank.
- 69% of Canadians haven't changed their primary bank in the past decade.
Global analytics software company FICO announced new survey research - 2024 Bank Customer Experience Survey: CA - on what Canadian consumers find most important in their banking experience needs and whether banks are meeting their needs. 90% of Canadians say that a bank’s customer experience is as important as (66%) – or more important than (24%) – its products and services. The research shows that banks must maintain high-quality customer experience across all touchpoints and channels to drive loyalty and growth.
“Conversations around customer loyalty, digital transformation, and the importance of personalized services in the Canadian banking sector have never been timelier,” said Darryl Knopp, head of customer insights at FICO. “We found that even though most Canadians are still banking with traditional banks (76%), there is increasing interest in digital banking services across all age groups. To maintain customer satisfaction, banks need to further explore and expand their focus on digital communication methods, as well as diverse products and offerings that cater to customer needs.”
Long-standing customer loyalty defines the Canadian banking sector
95% of Canadians have a designated primary financial institution. Even though most Canadian consumers hold between two and three bank accounts, most have designated one provider as their primary account. The primary account is typically the bank they have used the longest. 69% of Canadians haven't changed their primary bank in the past decade. This tendency increases with age – 89% of those aged 18-24 having a primary account compared to 98% of those over the age of 65.
Personalization is no longer a nice-to-have
Canadians expect their banks to tailor offerings and experiences to individual needs, regardless of age or demographic. Over three fourths of respondents stated that personalized offers are important to them. Creating a personalized customer experience is essential for Canadian banks to maintain and grow their market share. Prioritizing personalization and addressing the specific needs of various demographics will help banks foster greater customer loyalty and satisfaction.
Canadian consumers largely approve of their banks’ communication methods with 68% reporting satisfaction and only 7.4% citing poor communication with their primary bank. Poor customer experience was the top reason for switching banks, cited by 41% of respondents.
For more details and insights regarding the survey results, download the 2024 Bank Customer Experience Survey: CA. This survey was issued to 1,000 bank customers in Canada. Participants were asked for their opinions about their banking experience, preferences, and whether their financial institutions are meeting their needs.
For more information on how FICO can help organizations exceed customer needs and expectations, visit https://www.fico.com/en/fico-platform.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250521934202/en/
We found that even though most Canadians are still banking with traditional banks (76%), there is increasing interest in digital banking services across all age groups.
Contacts
Julie Huang
press@fico.com
