OMAHA, Neb.--(BUSINESS WIRE)--D3 Banking Technology (D3), provider of the industry’s most advanced digital banking platform, today announced results from a recent survey conducted online by The Harris Poll on their behalf. Among more than 2,000 Americans ages 18+, 74% are likely to recommend their financial institution to someone they know well, such as a family member or colleague. The most common reason for recommending their financial institution is good customer service (82%).
The results indicated that size does matter. Nearly three in five Americans (58%) say if they had to choose, they would prefer to bank with a local/regional financial institution instead of a national one. Better customer service (59%) was the top reason for this preference. However, of those that would prefer to bank with a national institution over local/regional, 42% said it’s because they offer a better digital banking experience.
“It’s encouraging that the majority of consumers would largely recommend their banks or credit unions and prefer regional and community institutions over the biggest banks,” explained Mark Vipond, CEO of D3. “However, the fact that so many consumers prefer the largest institutions because of their superior digital offerings should be a wakeup call. It’s imperative for regional and community institutions to enhance their digital experience and offer a more intuitive and comprehensive interaction than they have currently. It’s no longer good enough for institutions to simply get by with a mediocre app or website – they must make these channels their differentiator.”
Institutions must have more than a digital experience that is seamless and user friendly. More than three in five Americans (61%) want their financial institution to anticipate their financial needs the same way as online retailers do. To anticipate the needs of customers and members, financial institutions must determine how to effectively leverage their data. More than three-fourths of Americans (78%) feel more comfortable with their financial institution having access to their personal data than a large tech organization. This trust could open the door for making anticipating needs possible.
Vipond continued, “These survey results demonstrate that it’s the regional and community institutions’ game to lose. Consumers want to bank with these institutions and trust them with the sensitive information that is needed to anticipate customer or member needs and personalize the services required to meet those needs. Savvy banks and credit unions are partnering with strong digital banking providers that provide a full set of digital banking services out of the box including integrated, intelligent data analytics that allow institutions to better serve the consumers.”
The Consumer Bankers Association will be hosting a webinar that features three industry veterans to discuss the specific implications of the Harris survey findings. The webinar will be broadcasted on Tuesday, Oct. 30 at 11 a.m. ET.
This survey was conducted online within the United States by The Harris Poll on behalf of D3 Banking from September 13-17, 2018 among 2,006 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Amber Bush at firstname.lastname@example.org.
About D3 Banking Technology
D3 Banking Technology’s Innovate™ Platform gives financial institutions the power to control their own digital future. The platform supports consumer and small business digital solutions that enable banks and credit unions to quickly introduce innovations that give them a competitive advantage in the marketplace. D3’s technology leverages an open API-driven platform built on a modern technology stack that is extensible, scalable and configurable. The D3 Innovate™ Platform powers a consistent, intuitive user experience, while also reducing cost, lowering complexity and enabling financial institutions to more effectively understand and anticipate the needs of their customers. Learn more at www.d3banking.com.