Why Banks Must Be Proactive in the Cost of Living Crisis

Banking customers are getting hit hard by the cost-of-living crisis, with rising prices putting financial stress on household budgets. People want their banks to provide a higher level of support with personalized advice and money management.  

Personetics recently commissioned a survey of 5,000 banking customers. We found surprising insights about why the cost-of-living crisis is an urgent occasion for financial institutions to support their customers – or risk losing customers to competitors.  

Cost-of-Living Crisis: Why Banks Must Act Now Personetics

Key findings from our cost-of-living crisis survey include:  

  • In the past three months, 63% of customers have not received any communication or advice from their bank on how to handle the cost-of-living crisis  
  • 20% of customers feel that their bank doesn’t care about them 
  • Banking customers want proactive support to save and manage money: 61% want their banks to automatically transfer spare cash to savings, and 66% want their banks to identify advance warnings of financial stress and offer solutions and advice 
  • 58% would consider switching to a competitor bank that offers better money management features 

This moment of crisis is a chance for financial institutions to be there for their customers, to support their financial wellness, and create competitive advantage with deeper customer relationships and long-lasting business impact.  

Download our survey report to learn more.  

Download the survey here