Are consumers really that dissatisfied with their digital banking options? How important is digital banking vs. good branch staff? Would consumers switch if there were better options out there? We surveyed 501 random US consumers to find the answers to these questions.
What we found surprised us. Many consumers have opened a new account somewhere to get a better digital experience while others seem perfectly satisfied with what they have already.
We show the full results below and highlight the specific stats that stood out to us.
71% of consumers say that having a simple and easy digital experience is more important than having a friendly and helpful staff.
What is more important to you in choosing a financial institution?
43% of consumers have reduced how often they bank somewhere because of a poor digital experience.
Have you ever reduced how often you bank somewhere because of a poor digital banking experience?
34% of consumers have opened an account with a new financial institution to get a better digital experience.
Have you ever opened an account with a new financial institution to get a better digital banking experience?
21% of consumers say they've lost trust in their financial institution because of a bad digital experience — though many more say they haven't lost trust.
Do you agree or disagree with the following statement? "I’ve lost trust in my financial institution because of a bad digital banking experience."
23% of consumers are frustrated with their mobile banking experience on a monthly basis.
How often do you find yourself frustrated with your mobile banking experience?
28% of consumers have stopped using a mobile banking app because of a poor experience.
Have you ever stopped using a mobile banking app because you had a poor experience?
64% of consumers say their mobile banking app is on par with the other apps they use.
Generally speaking, do you feel your mobile banking app is on par with other apps you use?
Taken together, these charts show that while some banks and credit unions are doing just fine on the digital front, others are at risk of losing account holders. Perhaps the most surprising stat of all is the one showing that 34% of consumers have opened a new account to get a better digital experience. If you're one of the institutions attracting these users, congratulations. You're in a good position for the digital age.