This report looks at customer involvement with their banks. The 'customer journey' constitutes the where and what of consumer decision-making in the buying of a financial product or deciding to do business with a particular banking institution.

Consumer need and reasons for change mark the first part of the consumer journey. Following on from this, the report identifies the channels through which a consumer becomes aware of a specific provider or product in the context of existing consumer requirements and channel suitability.

Usability makes for the penultimate stage of the consumer journey, elaborating on the key importance of meeting consumer reasons for contact with an accessible multi-faceted interface for the direct takeup of consumer demands or enquiries. The report comes full circle with the re-establishment of consumer loyalty with a new provider, outlining levels of satisfaction and value perception.

Over 20 questions were asked in total, covering the following topics:

  • What sources of information do consumers use when choosing a banking provider?
  • How consumers contact their main banking provider?
  • How consumers buy new financial products and what prompts a buy?
  • What points of contact do consumers use with their banking provider once they have become customers?
  • What are the pinch points in the customer bank relationship?
  • How well do banks understand their customers' needs?
  • How do consumers evaluate the value they get from their banks?
  • How receptive are consumer to actual and potential new entrants into the banking industry?
  • How loyal are consumers to their banks?

For a full table of contents for this report, click here.