Digital-only banks are beating credit unions, community banks and traditional banks in customer satisfaction, new data from FIS showed.
According to the survey of 1,749 U.S. consumers, 63% of customers at so-called direct-to-consumer banks, which are typically digital-only financial institutions, said they were “extremely satisfied,” compared to 52% of credit union members, 38% of community bank customers, 27% of regional bank customers and 19% of top 50 global bank customers.
Widening the satisfaction measures showed that digital-only FIs are running neck-and-neck with credit unions, however. According to the survey, 90% of customers at digital-only banks and 90% of credit union members said they were “extremely satisfied” or “very satisfied.” That compared to 84% at community banks, 73% at regional banks and 66% of customers at top 50 global banks.
The survey also found that almost three-quarters (73%) of consumer banking interactions were done via mobile or online, reflecting the growing importance of digital ease of use for consumers.
“While security and trustworthiness continue to be critical attributes, more consumers are choosing their banking providers on the basis of a convenient, frictionless digital experience,” FIS co-COO Bruce Lowthers said. “For banks and credit unions of all sizes, these survey results reinforce the importance of modernizing every touch point of their customer journeys.”