Bank Customers are Happy, But Their Loyalty is Fragile

Globally, customers are highly satisfied with their primary bank. However, security is a growing concern — and some say they would leave for better rates or lower fees.

Executive Summary

Now in its fourth year, EPAM’s Consumer Banking Report offers insight into the satisfaction of global banking customers. EPAM, a digital transformation services and product engineering company, surveyed 9,000 retail banking consumers across nine countries to learn more about the customer experience. It found that globally, consumers are largely happy with their primary bank.

Additionally, many consumers still like visiting branches and half do so weekly. However, satisfaction doesn’t necessarily equate to unconditional loyalty. Consumers are increasingly concerned about security — and half say they would leave their primary bank for higher yields or lower fees.

Key Takeaways:

• Globally, 83% of respondents said they were happy with their primary bank.
• Half of the respondents said they would leave for better interest rates and lower fees. However, only 13% changed primary banks in the past three years.
• 86% globally reported using a physical brand in the past year, with 45% doing so monthly.
• 91% say trust in the safety of their personal data was the most important ability for banks.

What we liked: EPAM’s survey offers a deep dive into customer experience and how global consumers feel about their banks.

Consumers Like Their Primary Banks

Consumers are largely happy with their primary bank. However, many would still consider leaving and have concerns about security and technology.

Read the full article here.

To understand the emerging trends, attitudes and behaviors impacting the banking sector as well as how to turn these opportunities into revenue-generating ventures, download the full 2024 Consumer Banking Report here.

Learn more about how EPAM helps financial services companies: https://www.epam.com/industries/financial-services