Key Drivers of Customer Experience - Traditional Banks vs Neobanks In the USA

This report titled ‘Key Drivers in the Customer Experience of Traditional Banks and Neobanks In the USA’ details customers' priorities expressed in their conversations.

Banks are inevitable institutions in our lives. Like the rapid shifts and changes in technology impacting all business sectors, the banking industry has also adopted new age transformations.

The massive transformation commenced with the digitization of traditional banks with their app and website versions. Gradually it opened doors for complete digital banks or neobanks.

Even though both banks have positive and negative sides, today’s customers embrace both banking since both play equally important roles in their lives. For instance, if customers need to pay their water bill, they can do it within seconds with the neobank app on their smartphone. While, if they need to take a loan for their home renovation, they like to visit the traditional bank since they trust them to do complex transactions.

Besides these, many factors distinguish both types of banks, and there is room for improvement in both.

What is covered in the report?
1. Analysis of each key category driver of neobanks and traditional banks that drive customers to choose one over another
2. Drill down into the 2 key aspects that gather high customer feedback
3. Drill down into key aspects that gathered high positive reviews
4. Analysis of top 5 aspects that gathered high positive reviews to neobanks and traditional banks
5. Analysis of top drivers that contribute to negative customer experience
6. Drill down into top aspects that gather increased negativity over time
7. Detailed insights into the priorities of banking customers in the USA

Why consider buying this report?
1. Gain a better understanding of the customer experience preferences of the Banking industry in the USA
2. Be informed regarding the top category adoption drivers of neobanks and traditional banks in the USA
3. Understand the aspects that affect positive customer experience
4. Strategize marketing activities, entry into new markets, market expansion, and other business plans by understanding the factors that drive great customer experience.
5. Understand significant competitors’ strengths and weaknesses and respond accordingly to benefit from the market

Key growth factors of the banking industry
Day by day, banking has become more easy even as teenagers transfer money to each other and split their bills in a single click. This digitization has accelerated the conventional banks to switch to online mode. At the same time, a group of banks that work virtually without physical presence begin to spread worldwide.

Yes, it is a positive factor as anyone can do banking transactions anywhere without touching money. It made life even more manageable during the challenging time of the pandemic.

A study revealed that there is a 34% growth in usage of online banking, and there is a 12% decline in banking from physical branches. Even though there is a decline in physical branches, a generation still likes to visit their nearest branch as they trust that mode of banking. And the new generation also goes to branches for complex banking transactions like mortgages and loans.

Both banks should exist for customers. But they lack so many aspects customers expect. If both of them are aware of their strength and weakness and work around them, they can keep their customers stick to them for a long time.

Companies covered

Bank of America
Capital One
Citigroup
Goldman Sachs
JP Morgan Chase
PNC Financial Services
TD Bank
Truist Financial
U.S. Bancorp
Wells Fargo
Albert Corporation
Bank Mobile
Chime
Current
Dave
Go2Bank
Monzo
Revolut
Sable
SoFi
Varo

Key Target Audience

Leaders in Banks
Finance Professionals
Financial Consultants
Branding Agencies
Strategy Consulting Firms
Marketing Agencies
Venture capitalists

Using Consumer Insights to Deliver Superior Customer Experience

Customers rely on a bank, whether traditional or digital, to make their life easier with safe and secure financial services. Many customers feel disappointed with their bank's poor services, including delayed responses from banks when they try to connect with them for an emergency.

If a bank is responsible and offers safe and secure transactions, it will create a sense of security and trust in customers’ minds. Many customers switch their banks because they lose faith in a poor experience.

This report will help you understand the main factors that cause negative and positive customer experiences in both neo and traditional banks. Knowing them will help you in assessing what your rivals excel at so that you can balance and outperform them.