Direct-to-Consumer Banks Overtake Traditional Banks in Customer Satisfaction, New FIS Study Shows
Key facts
- 2019 FIS PACE study finds direct banks overtaking traditional banks and credit unions as the leader in customer satisfaction.
- Direct banks also have lowest rate of customer defections.
- Among millennials, customer satisfaction with community banks drops as satisfaction with credit unions stay steady.
- Trust, safety and a frictionless experience ranked as most important attributes when selecting a new bank.
The 2019 FIS Performance Against Customer Expectations (PACE) study,
which surveyed 1,749 consumers in
Other key U.S. findings from this year’s
- Nearly three-quarters (73 percent) of consumer banking interactions are digital in nature (mobile or online).
- Mobile remains the most used channel for banking, increasing to 42 percent of surveyed consumers – higher than online channels (31 percent), ATMs (12 percent), branches (10 percent), and telephone (6 percent).
- Nearly two-thirds (65 percent) of younger millennials (between ages of 18 and 26) reported that they have not used any branches at all in the prior month.
- Referrals are particularly important to younger millennials. Seventy-five percent of these consumers said they were referred to their current primary banking institution.
- Millennials’ satisfaction with community banks dropped by nearly half from 2018 levels, indicating that these institutions are not meeting the digital needs of younger generations.
“The battleground for winning and keeping today’s banking consumers is
in the front lines of customer experience,” said
More details and other country-specific findings of the 2019 PACE study can be found and downloaded at www.fisglobal.com/pace.
FIS is a global leader in financial services technology, with a focus on
retail and institutional banking, payments, asset and wealth management,
risk and compliance, and outsourcing solutions. Through the depth and
breadth of our solutions portfolio, global capabilities and domain
expertise, FIS serves more than 20,000 clients in over 130 countries.
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Source:
Kim Snider, 904.438.6278
Senior Vice President
FIS Global
Marketing and Communications
kim.snider@fisglobal.com