Bank Customers Consider CX Equally Important to Product Offerings

The survey, conducted across 1,000 US bank customers, shows that 33% of respondents have only changed their primary banking providers 1-2 times.

FICO’s 2024 Bank Customer Experience Survey reveals that 88% of bank customers consider customer experience equally or more important than products and services. The survey, conducted across 1,000 US bank customers, shows that 33% of respondents have only changed their primary banking providers 1-2 times, indicating strong customer loyalty when expectations are met.

The study highlights a generational divide in banking preferences: 85% of customers aged 65+ prefer traditional banks, while younger demographics (53% of ages 18-24 and 55% of ages 25-35) increasingly favor digital apps. Currently, 66% of respondents use traditional banks, 21% use credit unions, and 11% use digital banks.

The survey also found that lower-income customers are more likely to use banking apps (24%) compared to medium (7%) and high-income customers (13%), suggesting digital services effectively reach untapped markets. Customer satisfaction remains high, with 39% rating their primary bank experience as ‘excellent’ and approximately half as ‘generally good’.