The love is fading for digital banking, study finds

More than two-thirds of Americans aren’t exactly in love with their digital banking offerings these days, and many are ready to walk awayfrom their financial institutions because of it, according to a new survey.

The poll of more than 1,600 digital banking users, conducted online by Harris Poll and D3 Banking Technology at the end of January, found that 68% of Americans who have used digital banking in the past 12 months were frustrated with the experience.

Millennials age 18-34 were more likely to feel annoyed — 73% reported frustration with digital banking over the past year, compared to 61% of people 55 and older.

“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,” D3 Banking Technology CEO Mark Vipond said. “However, an even greater concern for banks and credit unions is the number of American digital banking users — 32% 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.”

 

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