COVID Forced Bank and Credit Union Limited Lobby Hours. What Was Consumer Reaction?

ROCHESTER, Mich., April 28: Foresight Research -- A new report shows how the pandemic affected bank and credit union satisfaction – check it out. Foresight Research surveyed over 11,000 banking customers and credit union members in 44 markets to find out how the pandemic is affecting consumer satisfaction and financial institution switching. During the pandemic, satisfaction tanked in many areas. This does not seem surprising considering that many lobbies were closed or had limited hours. This report measures a total of 16 specific measures of expectations and satisfaction. Some of the banking relationship metrics (friendly personnel or handling problems) – high priorities for customers and members tanked. To make matters worse, digital banking satisfaction also dropped significantly likely due to increased usage during the pandemic. But there is a ray of sunlight – expectations. Importantly, expectations dropped twice as much as satisfaction on many customer experience metrics. It seems that banking customers and credit union members were empathic about their financial institution. They know the pandemic was hard on everybody – including banks and credit unions. The result - overall satisfaction was stable – perhaps reflecting "we are all in this together". That said- not all is well. The percentage of customers and members intending to switch their primary financial institution doubled –from 12% (over two years) prior to the pandemic to 22% expected churn in the next year or two. A lot of banking consumers will be in play – like in the tens of millions. Why? I It was all about financial issues like interest rates and fees. Seems reasonable given the high rates of under employment and the uncertain future. How long this lasts is still to be determined. This is a syndicated report so for a fraction of the cost of a custom report, this report "How COVID-19 Changed the Banking Market" gives you all the insights you need to slow the switching away from your financial institution. But in addition, market focus reports are available to see if your market is like the national average. That makes the report even more valuable. Foresight Research, a leader in cost effective syndicated market research, has been working with Fortune 500 companies for over 20 years. Visit the website to find out more about this report and other available reports.