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Bad Banks Don’t Prioritise Quality Customer Support; Recent Mitto Research Indicates

Some customers would prefer to visit their dentist over their local bank branch after negative experiences leave the relationship sour; according to a recent consumer survey published by Mitto.

The Swiss omnichannel communications solutions provider delved into the preferences of 1,000 American customers for communicating with their bank. The results found that one-third of respondents would rather make an uncomfortable journey to their dentist than interact with their bank following a negative encounter.

More than two-thirds of respondents reported having an average or positive experience with their bank when that bank prioritised customer support, while poor support was the biggest proponent of a negative experience (33 per cent), followed by bad communication methods (24 per cent).

Andrea Giacomini, CEO of Mitto.
Andrea Giacomini

Affirming that quality customer support is the consumer’s biggest priority in interacting with brands and especially financial services, the company’s CEO Andrea Giacomini recommends that “brands need to continue to evolve how they communicate with their customers to ensure a positive experience.”

He added: “By partnering with the right solutions provider, financial institutions can access technology that enables them to interact with customers on their preferred channels, support real-time interactions and ensure quick response times, which our survey indicated to be top consumer preferences in delivering a positive customer experience.”

Channel preferences and SMS for 2FA are key

Banks must have the capabilities to converse with customers on their preferred channels, from SMS to chat apps and social media, as almost 90 per cent of consumers found this to be important.

But, the speed of these conversations is also critical and SMS has proven to be the favored channel for fast responses. For quick and spontaneous interactions, including two-factor authentication (2FA) and banking alerts, almost half of all respondents favoured text messaging compared to email or phone calls.

Similarly, given the sensitivities of financial institutions, 2FA via SMS has become a key component of quick security as three-quarters of respondents’ banks are using this security element.

Although, for consumers to feel even more comfortable making purchases and transacting online, 86 per cent would prefer that banks confirm their identities for large purchases, with 47 per cent wanting confirmation for all purchases over $200.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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