Consumer satisfaction higher at digital-only banks than at CUs, other FIs

FIS survey results: 63% of customers of direct-to-consumer banks said they were “extremely satisfied,” compared to 52% of CU members.

Digital-only banks are beating credit unions, community banks and traditional banks in customer satisfaction, new data from FIS showed.

According to the survey of 1,749 U.S. consumers, 63% of customers at so-called direct-to-consumer banks, which are typically digital-only financial institutions, said they were “extremely satisfied,” compared to 52% of credit union members, 38% of community bank customers, 27% of regional bank customers and 19% of top 50 global bank customers.

Widening the satisfaction measures showed that digital-only FIs are running neck-and-neck with credit unions, however. According to the survey, 90% of customers at digital-only banks and 90% of credit union members said they were “extremely satisfied” or “very satisfied.” That compared to 84% at community banks, 73% at regional banks and 66% of customers at top 50 global banks.

The survey also found that almost three-quarters (73%) of consumer banking interactions were done via mobile or online, reflecting the growing importance of digital ease of use for consumers.


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