Arizent and Monigle’s second annual research report, Humanizing the Bank Customer Experience, found that client loyalty is not guaranteed with the rise of alternative providers

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“Banks can’t discount the idea that their younger audiences will stick around for the decade-plus that customers average to today, but they can take steps to maintain loyalty by enhancing the customer experience.”

New surveys conducted by Arizent, the parent company of American Banker, a comprehensive information resource serving senior executives in banking and financial services, and Monigle, a creative brand experience agency, examine whether where the fragmentation of financial services is putting pressure on customer loyalty, and where financial institutions can adjust their strategies to meet new customer expectations.

Sponsored by ServiceNow, this comprehensive report and related rankings of 50 financial institution brands examines the core of what drives customers to choose and stay with a particular financial institution while helping executives make meaningful decisions action to build strong experiences between customers. CIT Bank, Navy Federal Credit Union, Suncoast Credit Union, First Tech Federal Credit Union, Chime, America First Credit Union, Alliant, USAA, BECU and Union Bank were ranked as the top 10 financial institutions within this study.

The survey results indicate that consumers are developing a broader view of what it means to be a bank and are willing to engage with a broader ecosystem of providers. This is leading to changing expectations about personalization and digital experiences.

At the same time, companies with strong brand recognition are slowly making inroads into the territory of banks and credit unions by offering credit cards, buy now/pay later, digital wallets and more service. For example, 86% of participants said they use PayPal while 84% said they would consider using the service in the future.

“This rising popularity has extended to retailers with broad customer bases,” said Janet King, Vice President of Arizent Research. “Our surveys show, for example, that 33% of participants would consider using Walmart for a specific financial need.”

Arizent and Monigle surveys also explored how customers interact with their financial service providers. Compared to their tech companies and online competitors, traditional banks and credit unions have the ability to solve problems for their customers in person. While an advantage today, it may not survive the next generation shift as younger customers prefer mobile interactions to face-to-face.

The research also uses a social science-based framework that examines the most important elements of the human experience and accurately predicts customer satisfaction and loyalty.

“As new technologies and digital innovations continue to power the way for finance, it’s important not to lose track of the human story,” added Brian Elkins, Executive Director of Financial Services at Monigle, “After all, even that the most innovative technologies miss the mark if they don’t deliver the right experience.”

See the full ranking of 50 retail banks, credit unions, challengers, and online-only banks here: – best

See a more in-depth look at the findings from the full study at: -to -First

Monigle created an in-depth report driven by brand strategy in conjunction with the Arizent study and the Humanizing the Bank Customer Experience. You can find that report at:

Background/Research Methodology

Data for the second annual iteration of this research was collected by American Banker and Monigle from February to April 2022 with 8,506 US adults aged 18 and older responding. The first survey, with 3,002 respondents, focused on the trends and attitudes shaping consumer expectations and behaviors in financial services today. In a second survey, 5,504 US consumers evaluated 50 leading FIs on factors proven to drive customer satisfaction and advocacy.

For more information on this survey or other Arizent research, contact:

Janet King

Vice President, Research


[email protected]

M 207-807-4806

About Arizent Research

Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across banking, payments, mortgage, insurance , municipal finance, accounting, HR/employee benefits and wealth management community. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.

About Arizent

Arizent is a business information company that advances professional communities by providing insights and analysis and meetings with industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands such as American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional service brands such as Accounting Today, Employee Benefit News and Digital Insurance.

About Monigle

Monigle is a brand experience company driven by brands that take people to move people. Now in our 6th decade, we are one of the largest independent brand consultancies in the United States. We are independent in spirit and in ownership, independent of both the status quo and shareholders. Fueled by 180 developers and makers in offices in Denver and New York, and remotely across the country, our teams create and deliver powerful brand experiences across a spectrum of services, including insights , strategy, creative, culture, activation, branded environment, and BEAM —the world’s leading brand engagement and asset management platform. We solve problems by putting people at the core and creating memorable moments that drive human impact. Personifying Brands. Migration of People. For more information, visit

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