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.
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.