Customers trust banks with data, but only fully satisfied with fraud resolution: EY Report
New Delhi, May 20
While a large majority of banking customers in India trust banks with their personal data, confidence declines when it comes to fraud resolution and customer support during disputes, according to a report by EY.
The report highlighted that trust has emerged as one of the biggest differentiators for banks as customer expectations continue to evolve beyond products and pricing.
It stated, "Trust remains the ultimate differentiator. Although 82 per cent customers trust banks with their data, only 73 per cent believe fraud is resolved effectively".
The survey, conducted among 2,030 customers, showed that banking customers are increasingly prioritising security, transparency and reliable customer support over promotional offers and discounts.
The report noted that customers now compare their banking experiences with the best experiences across industries rather than with other banks alone.
It stated that customer experience is increasingly influenced by perceptions, emotional drivers and the quality of interaction across digital and physical channels.
The report added that while branding and marketing help create awareness, onboarding becomes the first real test of customer experience.
According to the findings, 88 per cent of customers found account opening convenient, but the experience weakens when customers face branch visit requirements, delays in processing and weak communication.
The report also highlighted growing demand for seamless omnichannel banking services, where customers expect smooth movement between mobile apps, websites, branches, contact centres, WhatsApp and chatbots without disruptions.
Customers increasingly want both the convenience of digital banking and the reassurance of physical branch support, it added.
The report further stated that 89 per cent of customers want unified banking services and faster dispute resolution processes.
At the same time, 59 per cent of customers expect AI-powered personalised financial guidance from banks to help improve decision-making and financial planning.
According to the report, meeting these expectations will require banks to move beyond incremental operational changes and focus on deeper customer experience transformation.
The report concluded that customer experience is no longer an additional feature for banks, but has become a core factor for long-term customer loyalty and differentiation in the banking sector.
— ANI
Reader Comments
I'm one of the 82% who trust banks, but that trust is fragile. My biggest gripe is the branch visit requirement—I had to go to the branch three times just to update my address! If banks want to keep customers, they need to make digital work seamlessly. No more "please visit nearest branch" nonsense.
Interesting report. I've banked in both India and the US, and Indian banks are actually better at data security. But fraud resolution here lags behind. In the US, they reverse transactions within 24 hours. Here, it's a battle to get your own money back. The 73% who are satisfied are lucky, I guess.
I love the omnichannel part—switching from app to WhatsApp to branch should be seamless, but it's not. Last week, I started a dispute via chatbot, followed up on WhatsApp, and when I called the branch, they had no record! 🤦♂️ Banks need to integrate systems, not just add apps.
89% want unified services and faster disputes—count me in. Our bank app is great for checking balance, but God forbid you need help. I waited 40 minutes on the phone for fraud support. And don't get me started on the AI guidance—59% want it, but I'd rather have a human who actually understands my problem.
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