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Report reveals decline in highly satisfied digital banking customers
Today's consumer wants to use online and their mobile device for a range of day-to-day activities and banking is high on their list. However, according to new report from financial services research and strategy firm, ath Power Consulting, high expectations are not being met.
Ath Power's report, the result of a survey of over 3,000 U.S. respondents, found that digital banking is the preferred method among eight out of ten and 91% feel digital banking is important to their overall financial needs.
Almost two-thirds (64%) said they are interested in using all types of mobile payments and that, while consumers are more trusting of their financial institutions, many are still choosing to use non-bank providers for their fast, free, user-friendly mobile applications.
Worryingly, the research found a decline in the proportion of consumers that are highly satisfied with digital banking solutions - 65% in January of this year compared with 73% the same time last year.
"The heightened expectations of today's tech-savvy consumers combined with the lack of advancement and improvement of their financial institution's digital solutions have certainly contributed to this drop in satisfaction," said Frank Aloi, ath Power Founder and CEO.
One aspect of digital banking was highlighted in the report - that of online account opening. Eighty one percent of respondents said they were likely to open a loan account online, and 69% to open a checking account online, if the options were available. Yet, it seems that currently the processes are too unwieldy. While more than half attempted to open an account online, 30% abandoned the process because it was too long (42%) or too complex (39%).
"To maintain a competitive edge, FIs must move beyond basic functionality and accelerate their pace of innovation," said Aloi. "For those already offering advanced capabilities, our research revealed that some solutions are not yet acceptable in terms of usability, causing frustration among consumers."
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