Key Insights
Essential data points from our research
54% of financial services organizations believe that customer experience is the primary method for differentiation in the industry
80% of consumers say the experience a company provides is as important as its products and services
72% of customers rate personalization as highly important in financial services today
75% of banking executives say that AI will distinguish the winners from the losers in the industry
The global market for AI in Fintech is expected to reach $26.67 billion by 2026
Chatbots allow financial institutions to save over 4 minutes on every customer interaction
Financial services emails have an average open rate of approximately 21.56%
Video content is used by 82% of financial marketers to explain complex products
70% of consumers prefer to learn about a financial product through content rather than traditional advertising
55% of consumers trust financial services companies less than they did five years ago
87% of consumers will not do business with a financial institution if they have concerns about data security
ESG (Environmental, Social, and Governance) performance is a key purchase driver for 41% of banking consumers
89% of US banking customers use mobile banking apps to manage their accounts
Mobile banking app sessions increased by 13% globally in 2022
41% of retail banking customers are now classified as "digital-only"
Consumer Trust & Brand Loyalty
- 155% of consumers trust financial services companies less than they did five years ago
- 287% of consumers will not do business with a financial institution if they have concerns about data security
- 3ESG (Environmental, Social, and Governance) performance is a key purchase driver for 41% of banking consumers
- 477% of consumers say they are more loyal to financial brands that demonstrate social responsibility
- 5Approximately 30% of Gen Z consumers would blindly trust a recommendation from a "finfluencer" over a bank advisor
- 6Trust in digital-only banks has risen to 78%, narrowing the gap with traditional banks
- 763% of customers will leave a brand after just one bad experience that breaches their trust
- 892% of millennials refuse to trust financial institutions that do not offer transparent fee structures
- 948% of consumers say "protecting my personal data" is the number one way a bank can earn their trust
- 10Banks with high "Brand Trust" scores outperform their competitors in revenue growth by 2.5x
- 1182% of customers trust financial advice from a human more than from an automated algorithm
- 12Only 40% of consumers believe their financial institution has their best interests at heart
- 13Brand loyalty in banking is at an all-time low, with only 57% of consumers feeling "loyal" to their primary bank
- 1461% of banking customers trust community banks more than national banks
- 1550% of consumers are willing to share personal data if it leads to lower interest rates or fees, creating a "trust for value" exchange
- 16Transparency in AI usage increases customer trust in financial services by 45%
- 1795% of consumers say that trust is the most important factor when choosing an insurance provider
- 18Financial brands that advocate for financial literacy see a 20% increase in brand sentiment
- 19Customers who trust their bank are 4 times more likely to refer family and friends
- 2089% of customers stay loyal to financial companies that share their values
Interpretation
Trust has become the new interest rate: consumers will walk after one breach, prize data protection, transparent fees, human advice and visible social responsibility, and will even trade personal data for lower costs, so banks that protect customers, act on ESG, explain their AI and price honestly will win growth, referrals and loyalty while those that cannot will be lapped by digital challengers and finfluencers.
Content Strategy & Education
- 1Financial services emails have an average open rate of approximately 21.56%
- 2Video content is used by 82% of financial marketers to explain complex products
- 370% of consumers prefer to learn about a financial product through content rather than traditional advertising
- 4Financial institutions with an active blog generate 67% more leads than those without one
- 556% of financial marketers plan to increase their LinkedIn advertising budget this year
- 6Short-form video (under 1 minute) yields the highest ROI for financial brands on social media
- 745% of millennials check financial educational content on social media platforms like TikTok and Instagram
- 8Interactive content (calculators, quizzes) generates 2x more conversions than passive content in finance
- 987% of financial marketers use email marketing as their top organic content distribution channel
- 10Click-through rates (CTR) for financial services ads on Facebook average 0.90%
- 1159% of people say they would trust a financial institution more if it provided helpful, non-salesy educational content
- 12Long-form content (over 1000 words) gets 77% more backlinks for financial websites, boosting SEO
- 1394% of B2B financial marketers use purposeful content to build brand awareness
- 14Webinars drive the highest quality leads for B2B financial services companies according to 62% of marketers
- 15The average cost per lead (CPL) for financial services in search advertising is $44.38
- 1678% of CMOs in financial services view "thought leadership" as a critical component of their content strategy
- 17User-generated content (UGC) increases conversion rates by 29% for financial apps
- 1868% of financial consumers read reviews on social media before selecting a bank or insurance provider
- 19Podcasts are listened to by 36% of high-net-worth individuals for market insights
- 20Financial services newsletters achieve a subscriber retention rate of 95% when content is segmented properly
Interpretation
These statistics are essentially a bank statement that proves content is the new currency: financial brands that stop shouting and start educating by combining email and blog-driven strategies with short explanatory video, interactive tools and webinars, amplified on LinkedIn and social platforms with user-generated reviews and podcasts for niche audiences, and supported by segmented newsletters to nurture leads, will earn trust, boost conversions and retention, and protect ROI in a landscape of modest ad CTRs and roughly $44 search CPLs.
Customer Experience & Personalization
- 154% of financial services organizations believe that customer experience is the primary method for differentiation in the industry
- 280% of consumers say the experience a company provides is as important as its products and services
- 372% of customers rate personalization as highly important in financial services today
- 4Financial institutions that invest in personalization can see revenue growth of 15% to 20%
- 5Only 14% of customers feel that their primary bank sends them relevant offers
- 6Customer churn in banking can be reduced by 10% to 30% through predictive analytics and personalized retention offers
- 766% of customers expect companies to understand their unique needs and expectations
- 8Acquiring a new customer in banking can cost five to seven times more than retaining an existing one
- 940% of banking customers listed "easy to understand" products as a top factor for customer satisfaction
- 10Banks that personalize the customer journey see a 10% to 30% increase in marketing spend efficiency
- 1133% of customers who abandon a business relationship do so because personalization is lacking
- 1252% of customers expect offers to be personalized based on their spending habits
- 13Nearly 60% of consumers say they would switch financial providers for better customer service
- 1486% of buyers are willing to pay more for a great customer experience
- 15Personalization can reduce customer acquisition costs by as much as 50%
- 1677% of consumers say inefficient customer service experiences detract from their quality of life
- 17Customers who are fully connected emotionally are 52% more valuable to banks than those who are just highly satisfied
- 1892% of banking customers want their bank to help them make financial decisions, yet fewer than 30% feel their bank actually does
- 1949% of customers make impulse purchases after receiving a more personalized experience
- 20Improving customer experience from average to excellent can yield a 30-50% increase in KPIs like renew, cross-sell, and recommend
Interpretation
The math is unromantic but unavoidable: banks that stop broadcasting and start listening by serving simple, personalized advice and offers will lower costs, reduce churn, and reap bigger, stickier revenues.
Digital Transformation & AI
- 175% of banking executives say that AI will distinguish the winners from the losers in the industry
- 2The global market for AI in Fintech is expected to reach $26.67 billion by 2026
- 3Chatbots allow financial institutions to save over 4 minutes on every customer interaction
- 485% of banks have already implemented AI capabilities in some form for business operations
- 5Robotic Process Automation (RPA) in banking can reduce operational costs by up to 70%
- 656% of financial services companies are using AI for risk management
- 743% of Gen Z prefers using a chatbot to solve a banking issue rather than calling customer support
- 8Generative AI could add between $200 billion and $340 billion in value annually to the banking sector
- 953% of financial services marketers are using AI for content generation and optimization
- 10Digital transformation investment in the financial sector is expected to grow at a CAGR of 15% through 2025
- 1160% of financial institutions are increasing their budgets for predictive analytics
- 12By 2030, operating costs for banks could be lowered by 22% due to AI adoption
- 1367% of banking executives say implementing AI is critical for creating a "segment of one" marketing strategy
- 1490% of fintech companies are already using AI to collect and analyze customer data
- 15Machine learning algorithms can improve fraud detection rates in banking by up to 50%
- 1677% of financial institutions plan to use AI to automate email marketing campaigns
- 17Conversational AI is projected to handle 90% of banking queries by the end of 2024
- 1838% of financial service providers use AI to provide personalized product recommendations
- 19Digital-native neobanks are expected to attract 35% of all banking revenue by 2025 due to tech agility
- 2080% of finance leaders believe AI will improve workforce productivity, primarily in marketing and support
Interpretation
AI has become the make-or-break force in finance, with 75 percent of executives saying it will separate winners from losers, about 85 percent of banks and 90 percent of fintechs already using it, the AI-in-Fintech market expected to reach $26.67 billion by 2026 while generative AI could add $200 to $340 billion annually, chatbots shaving over four minutes from interactions and winning Gen Z’s preference, RPA cutting operational costs by up to 70 percent and helping lower bank operating expenses by about 22 percent by 2030, and machine learning improving fraud detection and risk management, so firms that invest in predictive analytics, personalization and AI-driven marketing will convert data into productivity and profit while laggards get left behind.
Mobile Banking & Omnichannel
- 189% of US banking customers use mobile banking apps to manage their accounts
- 2Mobile banking app sessions increased by 13% globally in 2022
- 341% of retail banking customers are now classified as "digital-only"
- 4Branch visits have declined by 30% over the last three years as omnichannel adoption grows
- 597% of millennials use mobile banking, the highest of any generation
- 6Omnichannel customers transact 3-4 times more frequently than single-channel customers
- 771% of banking customers want a consistent experience across physical and digital channels
- 862% of customers say they would switch banks if the mobile app experience was poor
- 9P2P payment usage (like Zelle and Venmo) via mobile apps has grown by over 18% year-over-year
- 1050% of financial products are now researched on mobile devices before purchase
- 1137% of customers transact on both mobile and desktop (cross-device) before opening an account
- 12The average user checks their mobile banking app 1-2 times per day
- 13Mobile wallets at point-of-sale are expected to comprise 50% of all global ecommerce payments by 2025
- 1479% of smartphone owners have used their device to make a purchase in the last 6 months
- 15In-app messaging in mobile banking has an open rate of 75%, significantly higher than email
- 1660% of customers prefer opening a new bank account entirely via a mobile app
- 17Banks offering a seamless omnichannel experience see a 91% higher customer retention rate
- 1842% of adults have used a mobile device to pay a bill in the last 30 days
- 19"Hybrid" customers (branch + digital) are 2x more profitable for banks than digital-only customers
- 20Push notifications in banking apps increase app retention rates by 190%
Interpretation
Treat mobile as the bank's front door because with 89% of US customers and 97% of millennials using banking apps, 41% already digital-only, branch visits down 30% and omnichannel customers transacting three to four times more, a poor app experience will drive away 62% of customers while a seamless omnichannel strategy delivers about 91% higher retention and massive engagement gains from P2P, mobile wallets, in-app messaging and push notifications.
