Empathy drives better customer experience and financial performance
Empathetic Banking Leaders achieved average revenue growth of 1.3% during 2020, 1.9 points higher than Empathetic Banking Laggards at -0.6%.
Most Empathetic Banking Leaders (93%) regard human chat as an efficient option for solving problems of customers in financial distress. Only 23% of Laggards agree.
As consumers’ financial distress increases, so does the need for empathy
Nearly all banks agree that the branch will need to be redesigned in the next one to two years to meet new demands.
Four in 10 banks expect the COVID-19 crisis will affect customer attrition in 2021.
Four steps towards empathetic banking at scale
Banks that show empathy in this time of crisis will strengthen long-term customer relationships. They will be recognized as part of the solution instead of part of the problem, as they were perceived to be in the last financial crisis.