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Financial Consumer Preferences: Survey Shows Customers Favor a Phone Call

By October 30, 2020 No Comments

Modern banking has shifted almost entirely online. Banking customers can check their balance, transfer funds, replace a lost card or even apply for a loan all from an app or a computer. But even with all the convenience and ease of online banking, a new study from First Orion shows customers still want banks to call them about important new information. 

The study of 2,000 banking customers found that 92% find it extremely important or very important to be able to speak with a live person at their bank. That same percentage also said it was extremely or very important that their bank clearly identify themselves when calling. And if a bank couldn’t identify itself when calling, 70% of customers said they would leave that bank for one that could. 

“Our research shows that the key competitive difference – the tipping point – between financial institutions is the sense of security and transparency,” said Viki Zabala, chief marketing officer at First Orion. “When it comes to their money, consumers want their bank to call to discuss sensitive matters, but without key information available when the phone rings, such as who is calling and why, consumers won’t even answer. The branded phone call gives customers peace of mind as to who is calling and that, oftentimes, is the deciding factor in customer satisfaction, retention, and ultimately, loyalty.” 

Some other key findings from this study include: 

  • 45% of customers perceive a phone call to be the most secure means of contact. The next closest means were text messages and emails, both at 14%. 
  • When asked when a phone call is preferred, the leading responses were financial planning and suspected fraud (both 36%) 
  • 66% of customers said they have missed a phone call from their bank or credit union because they didn’t recognize the phone number. 

You can download the full Financial Services Market Report here. 

First Orion branded calling can help banks identify themselves to customers right away, resulting in better response rates and higher customer satisfaction. Find out more about branded calling at firstorion.com/call-enhancement.