One-third of consumers would rather visit the dentist than converse with their bank after a negative customer experience

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Jun 27, 2022, 09:00 ET

Survey findings from Mitto reveal SMS and quality support are key to creating positive customer experiences in banking

ZURICH, June 27, 2022 /PRNewswire/ -- Mitto, a leading provider of global omnichannel communications solutions, today announced the results of a survey that delved into customer experience and preferences when conversing with their bank. Mitto found that customer experience is crucial as one-third of respondents who reported a negative bank experience would rather make a trip to the dentist than interact with their bank.

Mitto revealed that the vast majority of respondents wanted high-standard customer support and this was the best indicator of the quality of customer experience while banking. More than two-thirds of respondents reported having an average or positive experience with their bank when that bank prioritized customer support, while poor support was the biggest proponent of a negative experience (33%). This was followed by bad communication methods (24%).

"We are consistently hearing from consumers that quality customer support is their biggest priority when it comes to conversing with brands. This is especially true with banks as consumers have greater demands and are even more particular with their financial interactions. It's clear that brands need to continue to evolve how they communicate with their customers to ensure a positive experience," said Andrea Giacomini, CEO of Mitto. "By partnering with the right solutions provider, financial institutions can access technology that enables them to interact with customers on their preferred channels, support real-time interactions and ensure quick response times, which our survey indicated to be top consumer preferences in delivering a positive customer experience."

Channel preferences and SMS for 2FA are key

Banks must have the capabilities to converse with customers on their preferred channels, from SMS to chat apps and social media, as almost 90% of consumers found this to be important. But, the speed of these conversations is also critical and SMS has proven to be the favored channel for fast responses. For quick and spontaneous interactions, including two-factor authentication (2FA) and banking alerts, almost half of all respondents favored text messaging (46%) compared to email or phone calls.

Similarly, given the sensitivities of financial institutions, 2FA via SMS has become a key component of quick security as 75% of respondents' banks are using this security element. Although, for consumers to feel even more comfortable making purchases and transacting online, customers want banks to incorporate additional security, including SMS identity confirmation for large purchases.

Key findings:

Faster response times were a priority for almost 70% of Generation Z and Millenials.
58% of consumers expect a 2FA text message immediately and if they have to wait to receive this, 41% would consider abandoning their pursuit.
86% of individuals would prefer that banks confirm their identities for large purchases, with 47% wanting confirmation for all purchases greater than $200.
More than half thought SMS would be the best way to communicate during these exchanges.

Survey Methodology: These findings are based on a Pollfish survey of 1,000 Americans. The survey ran in May 2022.

About Mitto:

Mitto is a leading provider of global, omnichannel communications solutions, supporting business growth with advanced customer engagement technology and messaging enablement. Offering easy-to-integrate SMS, Voice, and Chat App APIs, next-generation business messaging, and end-to-end phone number management, Mitto's platform ensures the world's largest brands and MNOs are ready for what's next. Follow Mitto on Twitter: @mittoglobal

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SOURCE Mitto