Tuesday, December 13, 2022
On Dec. 8, 2022, Engageware released its second annual Engage 2023: Customer Engagement in Banking, Annual Trends Report. Based on surveys conducted by Infosurv, the study examined the efficacy of current customer service initiatives across the U.S. financial services landscape, according to Caroline Platkiewicz, senior marketing manager at Engageware.
"In today's challenging economic climate, financial institutions need to be closely attuned to the changing needs and preference of their customers," Platkiewicz said. "In addition to our annual survey of banking professionals, we complemented our findings with a proprietary survey of U.S. banking consumers to understand their attitudes, behaviors, and expectations of their primary financial institution."
Engageware surveyed bank and credit union professionals in a variety of roles at institutions ranging from $250 million to $20 billion, Platkiewicz noted. Data accumulated from this survey and interviews with over 450 bank customers can help FIs craft strategies, she added.
"When FIs create avenues for their customers or members to engage, they are more likely to entrust their PFI with important financial decisions, thereby positioning the bank or credit union for long-term success," she said. In addition, she cited the following key learnings from the surveys:
Additional information and a full copy of the report are available at info.engageware.com/hubfs/Resources/Engageware-Engage-2023-Customer-Engagement-Banking-Annual-Trends-Report.pdf? .
J. D. Power's U.S. Small Business Credit Card Satisfaction Study, also released Dec. 8, found small business owners faced with inflation and supply chain issues are not getting necessary financial guidance and support from their financial service providers. Researchers noted small and midsize businesses (SMBs) have reported lower sales growth compared to 2021 and have low economic expectations for 2023.
John Cabell, managing director of payments intelligence at J.D. Power, agreed the last few years have been tough on SMBs, with 65 percent impacted by inflation and 51 percent continuing to experience supply chain challenges.
"Accordingly, the small business outlook for 2023 is down significantly and many businesses are looking to their credit card issuers for help," he said. "This is a real moment of truth for card issuers that currently have an opportunity to position themselves as a valuable source of support and guidance for small business customers through a combination of proactive outreach, rewards promotions and personalized account management."
Cabell further noted overall satisfaction among SMB credit card customers is down to 851 on a 1,000-point scale, one point decrease compared with the previous year. Nearly two-thirds (65 percent) of small business owners say inflation severely impacted their business.
Following are additional key findings from the study:
To find out more about this study, visit jdpower.com/business/press-releases/2022-us-small-business-credit-card-satisfaction-study .
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