Dive Brief:
- Bank of America, U.S. Bank and Wells Fargo are now offering mobile predictive insights that analyze estimated spending, scheduled transactions and deposit data to improve customer experience, a Wednesday Keynova Group report found. Keynova evaluated the offerings of 17 major U.S. banks.
- Customers actively seek advice on immediate financial concerns, including quick tips to save for emergencies, stick to a budget, save for a goal or large purchase, and improve their overall financial situation, a J.D. Power report from May found.
- Predictive insights engender “trust in the bank by helping customers avoid costly mistakes such as fees for unexpected account issues,” Susan Foulds, managing director of Keynova Group, said via email. “Providing this type of timely and personalized financial guidance to customers can increase goodwill and brand/customer loyalty."
Dive Insight:
A growing number of customers are looking to their banks for financial guidance, and banks are responding in turn, increasing customer satisfaction and trust as they do.
More than one-quarter of bank customers are “very interested” in bank advice or guidance, according to J.D. Power. For customers under the age of 40, that number jumps to more than one-third. That same assessment found that providing customer support and guidance during a challenging time is a key factor to growing trust.
Now, nearly 1 in 5 of the leading U.S. banks are offering forward-looking insights via mobile, according to Keynova.
On mobile, U.S. Bank presents a balance forecast based on scheduled transactions that customers can access one tap from the dashboard. Wells Fargo’s offers insights, such as activity forecast and a 30-day forecast, one tap from the dashboard as well.
Bank of America’s virtual assistant, Erica, is the key tool for the bank to provide insights and suggestions. Erica displays a 7-day forecast of a customer’s finances based on estimated spending and deposits.
Proactive insights have increased engagement, Jorge Camargo, head of digital platforms at Bank of America, told CX Dive in August. Today, about 50% to 60% of customers’ interactions with Erica are the result of proactive insights and suggestions.
