RESEARCH REPORT
In brief
Empathy drives better customer experience and financial performance
1.9pts
Empathetic Banking Leaders achieved average revenue growth of 1.3% during 2020, 1.9 points higher than Empathetic Banking Laggards at -0.6%.
93%
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
97%
Nearly all banks agree that the branch will need to be redesigned in the next one to two years to meet new demands.
38%
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.