Survey Finds More than Two-Thirds of American Digital Banking Users are Frustrated
Approximately one-third of digital banking users are willing to switch financial institutions for a better digital experience
OMAHA, Neb., Feb. 14, 2018 – D3 Banking Technology (D3), provider of the industry’s most advanced digital banking platform, today announced results from its recent survey conducted online by Harris Poll. Among more than 1,600 digital banking users (defined as Americans who have used digital banking in the past 12 months), 68% say they have been frustrated with their digital banking experience.
The survey revealed that digital banking users ages 18-34 are more likely than those ages 55+ to be frustrated with their digital banking experience, as 73% of the younger group indicated that they have been frustrated with their digital banking experience over the past year, compared to only 61% of adults ages 55+.
The survey also found that more than half of digital banking users feel it is important for financial institutions to provide mobile deposit (70%), P2P services (66%) and mobile account opening (51%) as part of their digital banking offerings. In addition, the results indicated that financial institutions that fail to elevate the digital experience risk losing a significant portion of their customer base, as 32% of digital banking users report that they are willing to leave their current bank or credit union for a better digital experience.
“Consumers are expecting more out of their mobile and online banking experiences now than ever before as they move more of their transactions and financial data to digital channels,” explained Ken Paterson, VP and Director of the Customer Interaction Advisory Service for Mercator Advisory Group. “Financial institutions must elevate and expand the features and functionality they provide to their customers and members via devices, or they quickly risk becoming uncompetitive. As new technologies such as voice-driven interfaces, biometrics and artificial intelligence continue to emerge, keeping pace with innovation around the digital experience will be even more critical.”
“The fact that nearly three-quarters of digital banking users ages 18-34, who are likely entering some of the most financial significant periods of their lives, are frustrated with the digital experience offered by financial institutions is alarming,” explained Mark Vipond, CEO of D3 Banking Technology. “However, an even greater concern for banks and credit unions is the number of American digital banking users – 32 percent as found in our survey – who are willing to leave their current banking relationship for a better digital experience. As new types of technology continue to be introduced, financial institutions are going to need a strategy built on technology that features that allows them to innovate and introduce new features and functionality faster than they have to date.”
D3, Strategic Resource Management (SRM) and Mercator will be hosting a Consumer Bankers Association webinar February 15 to discuss other aspects of the survey findings. Registration for the webinar can be accessed at https://cba.elevate.commpartners.com/p/180215. Use discount code D3215 to register at no cost.
The survey was conducted online within the United States by Harris Poll on behalf of D3 Banking Technology from January 26-30, 2018 among 2,055 U.S. adults ages 18 and older, among whom 1,692 have used digital banking in the past 12 months. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Amber Bush at firstname.lastname@example.org.
About D3 Banking Technology
D3 Banking Technology’s Innovate™ Platform supports consumer and small business digital solutions that enable financial institutions to quickly introduce innovations that give them a competitive advantage in the marketplace. D3’s technology leverages an open API-driven platform built on a modern technology stack that is extensible, scalable and configurable. The D3 Innovate™ Platform powers a consistent, intuitive user experience, while also reducing cost, lowering complexity and enabling financial institutions to more effectively understand and anticipate the needs of their customers.