What An FI Must Do When Most Consumers Are ‘Satisfied’

MAYNARD, Mass.—A new study reveals consumers are highly satisfied with their banking relationship and comfortable with their current primary provider, and offers some suggestions on what an FI needs to do.

Satisfaction

Mercator Advisory Group’s most recent Insight Summary Report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, also found that only about one in three consumers want to be contacted by their financial institution about new products and services.

“This necessitates that FIs be very strategic in the way they cross-sell and up-sell to their customers,” The Payments Journal said.

While the incidence of opening an account digitally is moderate (28%), satisfaction with the digital account opening process is very high (approx. 85%), noted PaymentsJournal in its analysis.

The report shows that consumers are resolute in their determination not to pay ATM fees. More than seven-in-10 report that they actively try to avoid paying a fee when they withdraw money from an ATM. Further, about one-third only use an ATM for cash withdrawal.

Although only about one-third of consumers use mobile banking, those who do are quite satisfied with the experience. Inertia and security concerns are barriers to mobile banking adoption, PaymentsJournal said.

What FIs Need to Do

“Banks need to show consumers value beyond dollars and convenience. And this needs to be balanced with security and safety,” said the author of the report, Pete Reville, director of primary data services at Mercator Advisory Group.

The study is from the Banking and Channels Survey in Mercator’s biannual CustomerMonitor Survey Series, and online survey of 3,000 U.S. adult consumers conducted in November 2018.

 

Section: Standard
Word Count: 348
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: https://www.cutoday.info/Fresh-Today/What-An-FI-Must-Do-When-Most-Consumers-Are-Satisfied