NEW YORK–A new consumer survey has found credit unions leading banking giants JPMorgan Chase and Citibank when it comes to perceptions of digital offerings and satisfaction, with more than one-third of all consumers also saying they are looking to avoid visiting branches if at all possible.
The survey, Banking During the Pandemic: Consumer Rankings of Financial Institutions, was conducted by Lightico, which reported it also found:
- The data showed a very strong correlation between digital ability and customer satisfaction
- One-third of consumers are actively considering changing banks with more than half of US Bank and BNY Mellon customers considering the change
- 37% of consumers will avoid branch visits if possible; 9% will avoid at all costs
“The coronavirus pandemic pushed the need for digital and remote banking to the forefront,” Lightico said in releasing its findings. “While all banks made adjustments to provide services for their customers during the ‘great lockdown,’ consumers’ views on the ease and abilities of the banks differed significantly.”
The survey of 1,007 Americans included a cross-section of the population, and all of the questions were asked within the context of the past three-plus months (February to June) during the COVID-19 pandemic. Those surveyed were asked what their current bank was out of top 10 banks in the United States, while grouping “local bank” “credit union” and “digital-only bank” into three separate options.
The survey’s findings can be found below, including the key takeaways.