While it's not uncommon for small and medium-sized businesses (SMBs) to switch financial institutions, the 2019 FIS Performance Against Customer Expectations report has found that the rate of churn is increasing. Historically, 13%-15% of small and medium-sized firms have been found to be actively reviewing their banking relationships. However, the turnover rate has now risen to 61% among the top 50 U.S. banks and 60% among regional banks. All it may take to push an already skeptical firm to switch is one more bad experience. So customer sentiment analysis could be exactly what financial institutions need to improve customer experience -- ideally, before things ever reach that pass.
Nov-15-2019, 01:02:39 GMT