Industry Leaders Confirm: Banks Lose 20% of Customers Due to Negative Customer Experience

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  • A recent study commissioned by 10x Banking revealed that global banks are losing 20% of their customers due to poor customer experience. Banking leaders admitted that one in eight of them lost 30-40% of their existing customers due to poor customer experience.
  • Senior decision makers within banks admit that their slow rate of digital transformation has resulted in the banks missing out on winning new customers. Banks need to adopt new technologies to respond to market changes, roll out new products, and prioritize resources appropriately.
  • Antony Jenkins, the founder of 10x Banking, emphasized the need for banks to shift their focus from a product-focused approach to a customer-focused approach. Prioritizing digital transformation and improving customer experience is critical for banks to stay relevant and compete effectively in today’s digital age.

Industry leaders in the banking sector have confirmed that poor customer experience has led to a significant loss of customers for banks, with the figure estimated to be around 20%.

According to a recent survey conducted by a leading financial services company, many customers who have switched banks cited poor customer service as the main factor behind their decision. These customers reported feeling ignored, undervalued, and misled by their previous banks, leading them to seek alternative options.

Another survey found that customers who had a negative experience with their bank were far more likely to share their experience on social media, which in turn affected the bank’s reputation and resulted in further loss of customers.

Industry leaders have urged banks to prioritize customer experience, as it is becoming increasingly clear that it is one of the deciding factors for customers when choosing a bank. They have recommended that banks invest in technology that can improve customer experience, such as chatbots, mobile banking apps, and artificial intelligence, which will help banks to improve their communication with their customers.

Banks have also been urged to improve their training and support for customer service representatives to ensure they are equipped with the necessary skills and knowledge to deal with customers effectively and efficiently.

In conclusion, the banking industry must prioritize customer experience if it wants to retain its customers and remain competitive in the face of new challenges. By investing in technology, improving training for its employees, and making customer experience a top priority, banks will be able to provide a level of service that will satisfy and retain their customers for years to come.

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