Banks Dropping The Ball When It Comes To Helping Customers

Consumers in the U.S. expect banks to help them make better financial choices, although a new survey shows they think banks are dropping the ball when it comes to doing just that.

According to the 2017 Segmint Consumer Bank Marketing report, which is an annual look at consumers’ attitudes toward banks and banking technology, Segmint said of the more than 2,000 U.S. consumers polled, 80 percent and 86 percent of millennials want their bank to give them information so they can make smarter financial decisions, but just 28 percent think their bank provides enough information to help them obtain personal financial goals and life events, like paying for college or saving for a down payment for a home.

“Broad marketing and loose demographic assumptions are not enough to win customers or build loyalty in today’s environment,” said Rob Heiser, president and CEO of data-driven, software solutions company, Segmint, in a press release highlighting part one of the survey results. “Customers expect more than a one-size-fits-all approach to banking. Banks have all the data they need to provide a highly personalized experience, and they owe it to their customers.”

The survey also found that 52 percent of bank customers want a bank to proactively share information and offers that are relevant for them, rather than research products on their own. What’s more, only 11 percent of bank customers think they get too much communication from their bank.

The survey also found that nearly one in four (24 percent) of bank customers (and 32 percent of millennial bank customers) don’t have a good understanding of all of the products and services their financial institution offers and that more than a quarter of bank customers (28 percent) never see online advertisements from their bank outside of the bank’s website and mobile app.

An overwhelming majority of bank customers (89 percent) trust that their bank protects their personal information, Segmint noted.