Community financial institutions (CFIs) play a vital role in helping Main Street to flourish and assisting community members with their financial goals. CFIs reinvest in their communities, supporting local businesses and helping community members make financial decisions. In fact, community financial institutions’ focus on community and personal relationships has been a major differentiator in the banking industry. However, proximity to branches is becoming less and less important to customers and members. Technology has enabled banks and credit unions of all sizes to create highly targeted, personalized digital experience to put customers at the center of their strategy, regardless of where they’re located. This strategy has paid off, propelling customer satisfaction by creating highly personalized advice that meets their needs, according to J.D. Power’s 2020 Customer Satisfaction Survey.
“Providing targeted, helpful financial advice has always been a key driver of improved customer satisfaction for retail banks, but until recently, the ability to achieve that connection with customers outside of the bank branch via digital channels has been inconsistent, with low rates of customer adoption,” said Paul McAdam, Senior Director of Banking Intelligence at J.D. Power, in a press release. McAdam says that this year’s study reveals a “tipping point” in banking’s digital transformation, where adoption and satisfaction are both gaining high marks.