Trust Remains High, But Expectations Are Evolving

 

Trust Remains High, But Expectations Are Evolving

The Q2 research found that consumers across generations have a high level of trust in their primary financial institution. If banks and credit unions can meet evolving customer expectations, this creates an opportunity to deepen relationships.

According to Dominguez, “Almost everyone believes in their financial institution. But I don’t think we’re taking that trust to the next level. What we need to do is to get to know the customer on a personal level.”

He argues that financial institutions need to leverage data and technology to create more personalized, meaningful engagements with customers, especially in digital channels where most interactions now occur. “We’ve got to take trust and begin to deliver on a much tighter engagement and a much more personalized engagement with the account holders that I have,” says Dominguez.

The research shows that consumers are open to their banks using data and AI to improve their experiences. But financial institutions aren’t yet fully capitalizing on this opportunity. For instance, only 22% of consumers felt their bank ror credit unions regularly anticipated their needs.

Jaime Dominguez, Principal Product Manager at Q2, in an interview for the Banking Transformed podcast.