The credit union industry has long known how easy it is to lose a member to a competitor over better customer service and digital offerings, but a new study shows that consumers across the board have become even more susceptible to abandoning brands that don't offer digital options and quick customer service.

The survey of 8,020 consumers in the United States, the UK, Germany and the Netherlands by business-process services company Conduent found that 58% of customers in the technology, retail, communications and media industries were likely or willing to change brands to seek better experiences. That was a 12% increase from last year.

"The results of this year's Consumer Experience Report are a wake-up call for brands," Conduent, Consumer & Industrials Group Chief Executive Christine Landry said. "It's no longer a matter of if companies implement technologies like artificial intelligence, but when. There is a great opportunity to apply automation across digital platforms to break down data silos between channels and offer the immediacy, individualization and intelligence that make up a great customer experience."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.