In financial services, trust is the foundation of every customer relationship. Whether someone is checking their balance after payday, applying for their first mortgage, disputing a fraudulent transaction, or navigating an insurance claim, each interaction shapes their confidence in the institution behind it. At its core, great customer experience is about helping people feel secure, supported, and understood at every moment that matters.
To understand how the industry is meeting these expectations, we surveyed more than 100 executives across banking, insurance, wealth management, credit unions, and fintech. We wanted to learn how organizations collect feedback, measure experience, empower employees, and turn insights into meaningful change.
The results make one thing clear: while financial institutions overwhelmingly recognize the value of listening to customers, many still struggle to transform feedback into action at the speed customers expect. And in a category where loyalty is fragile, competition is fierce, and digital alternatives are just a tap away, the organizations that successfully bridge that gap will be the ones that retain trust and grow it.
Collecting feedback is the first step toward building better, more trustworthy experiences, and financial services organizations are investing heavily in understanding customers across every channel they use. Our research shows a clear industry-wide commitment to listening:
Notably, 0% of organizations reported that they don’t collect feedback, a powerful sign that listening is no longer optional in financial services.
The takeaway: Customers want to be heard wherever they interact, whether that’s online, in-branch, in-app, or on the phone. Organizations relying on a single feedback channel risk missing critical moments of truth and overlooking friction that erodes satisfaction and loyalty.
Collecting feedback is only useful if it’s measured and analyzed. In financial services, organizations track a mix of metrics that capture both short-term satisfaction and long-term loyalty:
The takeaway: Financial services organizations are balancing metrics that capture both immediate satisfaction and the long-term health of customer relationships. By tracking a combination of CSAT, CES, NPS, retention, and CLV, they can make smarter decisions to improve experiences, reduce friction, and strengthen loyalty over time.
How often financial services organizations reach out to customers, and how quickly they act on responses, can have a big impact on satisfaction, trust, and retention.
Here’s how often financial service providers are sending surveys:
And here are their average survey response rates:
The takeaway: While monthly surveys are the most popular, they can miss opportunities to improve customer experience in real time. By the time feedback is collected and acted on, problems may have already impacted trust and satisfaction. Surveys sent immediately after each interaction give financial services organizations a chance to address issues quickly, prevent frustration, and strengthen loyalty before small problems escalate.
Response rates can also be limited when surveys are too long or include too many questions, so keeping them short and focused is key to capturing actionable feedback.
Acting on feedback:
All surveyed organizations say they consistently act on customer feedback. However, speed varies:
Key insight: In financial services, timely follow-up is critical. Whether it’s resolving a service issue, clarifying a transaction, or improving a digital journey, acting quickly builds trust. Slow responses, on the other hand, risk eroding confidence in the organization.
Collecting customer feedback is only valuable if it leads to meaningful improvements. Financial services organizations are using insights in multiple ways to enhance experiences and outcomes:
The takeaway:
Financial services organizations that systematically act on feedback create smoother, more trustworthy experiences.
Frontline employees like tellers, call center agents, advisors, and claims specialists, are at the heart of every customer interaction. Our research shows that organizations involving employees in the feedback process see stronger results:
The takeaway: Empowering employees with visibility into customer feedback, clear performance goals, and recognition creates a culture where excellent service is rewarded and encouraged. When staff can see the direct impact of their actions on customer satisfaction, they are better equipped to resolve issues, personalize interactions, and build trust.
Collecting feedback is one thing, making sense of it across multiple channels, teams, and locations is another. Our research shows that financial services organizations are taking steps toward smarter feedback management, but challenges remain:
How feedback is used across teams and locations:
Analysis approaches:
While some organizations are advanced, many still face fragmentation when it comes to feedback analysis:
The takeaway: Feedback often exists in silos across apps, branches, call centers, and social channels. Many organizations still rely on basic or intermediate analysis, limiting the ability to spot trends or act proactively. Financial services organizations that consolidate and analyze feedback effectively — ideally with advanced or real-time systems — can identify patterns, address recurring issues quickly, and make strategic decisions that improve customer satisfaction, trust, and loyalty.
Our research shows that nearly 97% of executives believe there is a direct link between CX performance and business objectives.
When customers feel supported, heard, and valued, they’re more likely to:
The takeaway: In a sector where trust and loyalty are fragile, CX is a competitive advantage. Organizations that prioritize experience see tangible business outcomes: higher retention, stronger advocacy, and sustainable growth. In financial services, loyalty is built through consistent, trusted interactions over time.
Understanding the financial impact of CX improvements is critical in an industry where every interaction affects trust, retention, and revenue. Our research shows that financial services organizations are linking CX efforts to tangible business outcomes:
How organizations measure ROI:
The takeaway: Financial services leaders are increasingly tying CX initiatives to measurable business results. Improvements in customer experience don’t just enhance satisfaction — they drive revenue growth, reduce churn, and boost acquisition. By connecting CX metrics like CSAT, CES, NPS, and CLV to these outcomes, organizations can demonstrate the direct value of investing in experience and make the case for ongoing CX innovation.
Lendmark Financial Services is a leading consumer finance company helping customers navigate both planned and unplanned life events through affordable loans. With over 2,000 employees and more than 455 branches across 21 states, Lendmark serves over 400,000 customers annually, delivering reliable financial services that protect household wealth and provide stability.
As a relationship-based business, Lendmark relies on its frontline branch staff to provide exceptional customer experiences. Positive interactions lead to repeat business and referrals, while negative experiences can quickly drive customers to competitors and onto social channels to share their dissatisfaction. For Lendmark, customer experience is a vital differentiator in a highly competitive market.
Before implementing AskNicely, Lendmark lacked a consistent, real-time view of customer experience. Feedback was ad hoc, fragmented, and limited in scope, leaving field and operations leaders with little actionable information to coach frontline staff. There was also no standardized process to recognize great performance or to address negative feedback beyond formal complaints.
Ethan Andelman, Chief Marketing Officer at Lendmark, knew the company needed a holistic solution:
“I felt Lendmark needed to get ahead of customer experience and I didn’t want to do it the way I had seen it done before. Everything I saw showed me how NOT to do it.”
By implementing AskNicely, Lendmark gained a real-time, end-to-end view of customer experience. The platform enabled:
This approach ensured feedback was acted upon quickly, employees were recognized for success, and coaching opportunities were clear and actionable.
The impact of AskNicely was immediate and measurable:
Employees embraced the platform, using real-time insights to improve service delivery, while management could identify trends and coach teams effectively. As a result, customer satisfaction improved, repeat business increased, and referrals grew — demonstrating the direct link between employee engagement, customer experience, and business growth.
The research and Lendmark’s success highlight that in financial services, customer experience is more than a metric; it’s a growth driver. Customers are placing increasing value on trust, responsiveness, and convenience, and organizations that prioritize CX are reaping measurable benefits.
Here are the key lessons and opportunities:
The opportunity: Financial services organizations that integrate feedback, empower employees, and act quickly on insights are better positioned to retain customers, drive advocacy, and grow sustainably. Lendmark’s story proves that prioritizing employee and customer experience together is a formula for measurable growth.
AskNicely helps financial services organizations collect real-time feedback, empower employees, and turn insights into action. By closing the loop with customers and frontline teams, you can boost satisfaction, loyalty, and growth — just like Lendmark.
