Two-thirds of consumers feel retail websites like Amazon, Zappos and Netflix know more about them than their bank does, according to a report.
However, customers expect their bank to provide them with information to help them make better financial decisions, according to Part II of the 2017 Segmint Consumer Bank Marketing Report. Part II of the 2017 report explores how banks can do that with targeted, personalized communication that is delivered when it is most relevant.
“Financial institutions are sitting on a goldmine of customer insights to help them better guide their customers through their financial journey,” said Rob Heiser, president and CEO of software solutions company, Segmint. “Listening to customer’s transaction data will help banks build meaningful relationships with their customers while earning a greater share of their wallet.”
The report reveals that most customers (54%) would be open to receiving marketing communications from their bank, if that information was tailored for them and their financial needs. However, nearly one in every five bank customers (16%) feels the communication they receive from their bank is annoying.
One-third of bank customers (33%) receive information from their bank that is irrelevant to them while one in three bank customers (52% of Millennials and 53% of parents) would be more likely to switch banks if they received personalized information about financial offers from a bank they do not currently use.
More than a quarter (28%) of bank customers wish they had more information from their bank about their mortgage options before they opened their first mortgage.
The survey was conducted online in the U.S. by Harris Poll on behalf of Segmint from March 23-27. Among the 2,201 U.S. adults ages 18 and older surveyed, 2,065 have a bank.