SAN FRANCISCO, Jan. 16, 2017 /PRNewswire/ -- Salesforce
[NYSE: CRM], the Customer Success Platform and world's #1 CRM
company, today released its "2017 Connected Banking Customer
Report," surveying more than 3,000 adults across the United States and United Kingdom to explore the current
attitudes and habits of today's retail banking customers.
As fintech companies disrupt the banking industry and provide
consumers with new ways to borrow, lend and manage their money,
retail banks are under more pressure than ever to meet the growing
expectations of today's digitally savvy consumers. In addition,
recent political and economic volatility is impacting consumer
trust in financial services companies, as less than half of
Americans who have a checking or savings account (48%) strongly
agree they trust their banks with their financial information. To
succeed, retail banks must develop customer-centric business
models, engage via digital channels, simplify and connect their
internal processes, and leverage the right technology tools to
personalize relationships at scale.
The study was commissioned by Salesforce and conducted online by
Harris Poll on behalf of Salesforce from Nov. 30-Dec. 2, 2016. To download the "2017
Connected Banking Customer Report," click here:
https://www.salesforce.com/assets/2017-connected-banking-customer-report/index.html.
Key Report Findings
- Customers rely on both physical branches and digital channels
to perform routine banking tasks.
- While banks are making it easier for consumers to perform
routine tasks online and on mobile devices, they continue to use
bank branches, with 58% of Americans* saying that they have walked
into a branch in the last four weeks.
- Mobile banking is the wave of the future, with nearly one-third
of millennials with a checking or savings account (31%) saying they
use their bank's mobile app for routine transactions, compared to
just 17% of Gen Xers and 6% of baby boomers.
- The rise of fintech companies is disrupting the retail banking
industry.
- Fintech companies are seizing the opportunity to disrupt
traditional financial institutions, with 83% of millennials, 79% of
Gen Xers and 62% of baby boomers* stating they have used fintech
companies for basic payment activities, such as Lending Club,
Stripe and Venmo.
- More than half of millennials* (55%) prefer to do basic payment
activities using a fintech firm vs. using similar services provided
by their banks, highlighting convenience (56%) and ease-of-use
(55%) as key reasons for this preference.
- In uncertain political and economic times, trust and security
of personal data remain top-of-mind for banking customers.
- Approximately two-thirds of Americans* state that financial
stability of the bank (63%) and security of personal data (66%) are
important factors when selecting a bank for their checking or
savings accounts.
- However, recent political and economic changes could be
creating trust issues, with 11% of U.S. millennials* saying they
would change their banking practices as a result of Brexit or the
U.S. presidential election results.
- U.K. banking trends are consistent with habits of U.S.
customers.
- Similar to Americans, U.K. adults** also reported a trust gap
with their banks, with less than one-third (29%) strongly agreeing
that they trust their banks with their financial information, and
only 15% strongly agreeing that their banks have their best
interests at heart.
- U.K. millennials are similar to their U.S. counterparts in
embracing fintech upstarts, with 52%** stating they prefer to do
basic payment activities using a fintech company's services vs.
similar services provided by their banks.
Comments on the News
- "As the financial services industry confronts the greatest
period of disruption in its history, banks are facing a pivotal
moment," said Rohit Mahna, GM,
Financial Services, Salesforce. "They must embrace change or risk
getting left behind as new entrants in the space disrupt the
market. Tapping into the digital innovation that is happening
across the industry is key to bridging the gap from the traditional
banks of yesterday to the nimble banks of tomorrow."
Additional Resources
- Download a full copy of the report at
https://www.salesforce.com/assets/2017-connected-banking-customer-report/index.html.
- Like Salesforce on Facebook at
http://www.facebook.com/salesforce.
- Follow @salesforce on Twitter.
Methodology
This survey was conducted online by Harris
Poll on behalf of Salesforce from Nov.
30-Dec. 2, 2016, among 2,052 adults, ages 18 and older in
the United States, among whom
1,809 have a checking and/or savings account and among 1,039 adults
ages 18 and older in the United
Kingdom, among whom 973 have a checking and/or savings
account. This online survey is not based on a probability sample,
and therefore no estimate of theoretical sampling error can be
calculated.
About Salesforce
Salesforce, the Customer Success
Platform and world's #1 CRM, empowers companies to connect with
their customers in a whole new way. For more information about
Salesforce (NYSE: CRM), visit: www.salesforce.com.
Any unreleased services or features referenced in this or other
press releases or public statements are not currently available and
may not be delivered on time or at all. Customers who purchase
Salesforce applications should make their purchase decisions based
upon features that are currently available. Salesforce has
headquarters in San Francisco,
with offices in Europe and
Asia, and trades on the New York
Stock Exchange under the ticker symbol "CRM." For more information
please visit http://www.salesforce.com, or call
1-800-NO-SOFTWARE.
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SOURCE Salesforce