• Wed. Sep 21st, 2022

Key Drivers of Customer Experience – Traditional Banks vs. Neobanks in the US – ResearchAndMarkets.com

ByElla E. Kidwell

Aug 8, 2022

DUBLIN–(BUSINESS WIRE)–The report “Key Drivers of Customer Experience – Traditional Banks vs Neobanks In the USA” has been added to from ResearchAndMarkets.com offer.

Banks are essential institutions in our lives. Like the rapid changes and technological shifts impacting all industries, the banking industry has also embraced new era transformations.

The massive transformation started with the digitization of traditional banks with their app and website versions. Gradually, it opened the doors to full digital banks or neobanks.

Even though both banks have positive and negative sides, today’s customers are embracing both banks because both play an equally important role in their lives. For example, if customers need to pay their water bill, they can do so in seconds with the neobank app on their smartphone. Whereas, if they need to take out a loan for their home improvement, they like to go to the traditional bank as they trust them to carry out complex transactions.

On top of that, there are many factors that set the two types of banks apart, and there’s room for improvement in both cases.

What is covered in the report?

1. Analysis of each key category driver of neobanks and traditional banks that cause customers to choose one over another

2. Explore the 2 key aspects that get a lot of customer feedback

3. Explore the key aspects that garnered very positive reviews

4. Analysis of the 5 main aspects that have garnered very positive reviews from neobanks and traditional banks

5. Analysis of the main drivers that contribute to a negative customer experience

6. Explore the main aspects that accumulate increased negativity over time

7. Detailed Overview of US Bank Customer Priorities

Why Consider Buying This Report?

1. Better understand US banking industry customer experience preferences

2. Learn about the main drivers of adoption of neobanks and traditional banks in the United States

3. Understand the aspects that affect positive customer experience

4. Strategize for marketing activities, new market entry, market expansion and other business plans by understanding the factors that drive an exceptional customer experience.

5. Understand the strengths and weaknesses of significant competitors and react accordingly to take advantage of the market

Main drivers of growth in the banking sector

Day by day, banking has become easier as even teenagers transfer money to each other and share bills with just one click. This digitization has accelerated traditional banks to go online. At the same time, a group of banks that operate virtually without a physical presence began to spread around the world.

Another positive factor is that anyone can bank anywhere without touching the cash. It has made life even more manageable during the difficult times of the pandemic.

A study found that there is a 34% growth in the use of online banking services and a 12% decline in banking services at physical branches. Even though there is a decline of physical branches, one generation still likes to visit their nearest branch because they trust this mode of banking, while the new generation also visits branches for complex banking transactions like mortgages and loans.

Both banks need to exist for customers and if they are both aware of their strengths and weaknesses and work around them, they can retain their customers in the future.

Main topics covered:

This report aims to cover:

  • Analysis of category drivers of neobanks and traditional banks

  • Importance of convenience in neobanks and traditional banks

  • Importance of Application Performance in Neobanks and Traditional Banks

  • Main aspects with high positivity

  • Increasing/decreasing trend of positivity of major aspects

  • Main sub-aspects with high positivity

  • Customer verbatim

  • Top Factors Contributing to High Banking Experience Negativity

  • Sub-aspects of main negative factors

  • Main aspects and their sub-aspects with increasing negativity

  • Top 3 banking takeaways

Companies cited

  • Bank of America

  • Capital one

  • Citigroup

  • Goldman Sachs

  • JPMorgan Chase

  • PNC Financial Services

  • TD Bank

  • Financial truist

  • American bank

  • Wells Fargo

  • Albert Society

  • Mobile banking

  • Carillon

  • Running

  • David

  • Go2Bank

  • Monzo

  • Revolution

  • Sable

  • SoFi

  • Varo

For more information about this report visit https://www.researchandmarkets.com/r/k82iaf