How COVID-19 Redefined Consumer Expectations in Banking

Banking Transformed with Jim Marous

While COVID-19 forced people into a digital-only lifestyle, there was still a desire for humanized experiences. Some banks and credit unions were prepared to deliver these personalized digital engagements, while others fell short of expectations at the worst possible time.

More than ever, consumers are looking for assurance and comfort regarding their finances and want their financial institution to know them, understand them and reward them. They are also highly sensitive to efforts that feel self-serving or inauthentic.

To understand how consumer expectations have been transformed during the pandemic, we are joined by Beth Johnson, chief experience officer at Citizens Bank. In the episode, we discuss the findings of the bank’s inaugural Banking Experience Survey, which looks at the ways consumer expectations have changed and what financial institutions must do in the short and long term to succeed.