PLANO, Texas– The digital user experience with a financial institution is now the most essential aspect of banking, according to a new survey of bank customers and CU members that also found FI perception and consumer expectations are not always aligned.
“Not only are digital banking consumers on the rise, they now evaluate the strength of the financial relationship in terms of the digital banking experience,” said Alkami Technology in a statement accompanying the release of its new report, “Digital Banking Market Pulse: The Increasing Importance of User Experience (UX).”
For the report, Alkami said it surveyed 795 digital banking customers and members in the U.S. to better understand their expectations when it comes to an exemplary user experience, and compared those findings with the perceptions of 150 regional and community financial institutions (FIs) aspiring to deliver the same.
Key Findings
According to Alkami, a provider of cloud-based digital banking solutions, key findings in the report include:
- A consumer’s satisfaction with the digital banking experience is the highest correlated to overall bank or credit union satisfaction.
- Consumers are three times more likely to cite the digital banking experience as the most important aspect of banking.
- More than 80% of consumers say a quality online or mobile banking experience is among their top requirements when choosing a new FI, with 39% indicating it as their number-one criterion.
- Consumers want more from their FIs. “Consumers of all ages and stages are open to a more intuitive, engaging digital banking experience,” Alkami said. “Current satisfaction levels demonstrate the desire for a more personalized experience.”
- Less than 40% of consumers are satisfied with their FI’s understanding of their financial situation, needs, or goals.
- Less than 30% of consumers feel their FI provided more relevant product recommendations over the past year.
- FI perception and customer expectations are not always aligned. Consumers and the FIs that serve them are not always aligned on what the “ideal digital banking experience” should be. Consumers are more ready for a more performant, personalized experience, including one that is more autonomous and multifunctional, than FIs believe them to be.
What’s ‘Critical’ to Know
“…In order to successfully navigate this increasingly competitive and demanding landscape, it’s critical for FIs to know what their users expect and want, and not just assume that their views mirror those of their customers,” said Allison Cerra, chief marketing officer. “As consumers increasingly adopt digital banking services, banks and credit unions must determine how to navigate a competitive landscape that is as fierce as it is fragmented. The key will be in unlocking a digital banking experience that is designed with the user’s outcomes in mind—one that is increasingly more personalized and timely in nature—and does so with technology that empowers.”
For more info, download the full report.