PADUCAH, Ky.–A new survey is offering a reminder of the importance of technology in reaching new members, especially younger consumers.
A Harris Poll conducted on behalf of CSI here found that 50% of consumers said that a financial institution’s technology offerings were a key factor in selecting a financial institution. For males under the age of 35, the percentage jumped to 65%.
“We’ve reached the tipping point where at least half of adults expect and demand innovative solutions for their banking needs,” said Steve Powless, CSI’s chief executive officer. “While the exact mix of technology offerings will vary for each bank’s demographics, top areas include additional mobile banking options, peer-to-peer payments and next-generation card security like EMV.”
While new technology is critical, it’s old-fashioned service that remains the number-one consumer driver, with the CSI survey finding that nearly 79% of consumers saying they consider customer service as the most important aspect of their banking relationship. Although this percentage varies slightly with age (75% of adults under 35, and 86% of adults over 65), service far outpaced any other factor in the survey.
“It’s no surprise that customer service is the most important aspect in a customer’s relationship with his or her bank,” Powless said. “But as banks move toward the future, they must continually redefine what exemplifies ‘great service.’ It may not be in-person encounters at a branch, but rather a smooth mobile banking experience and the ability to receive help no matter how they choose to interact with the bank.”