Overall banking customer satisfaction is high, but firms should take note of changing preferences when it comes to online banking platforms. A recent report from Corporate Insight’s Bank Monitor research service analyzes and summarizes data from our survey of online banking users in July 2018.
Older generations value the most essential capabilities, while younger users expect more functionality from their banks. Analyzing survey data across generations reveals increased importance for comprehensive online banking platforms that balance basic functionality with advanced features. Meanwhile, firms should note that higher satisfaction does not correspond to higher loyalty. Millennials are more likely to move their primary bank accounts, regardless of high satisfaction claims.
Survey reveals important distinctions amid generational preferences
The survey’s results indicated increased activity and preference for mobile apps. Millennial and Gen X respondents were more likely to select the mobile app as the primary channel for digitally accessing their accounts. Thus, firms should make this channel a priority and build out comprehensive mobile platforms to capture younger users. Banks should also acknowledge that Millennials are more likely to be familiar with the capabilities of other banks. The cohort reported higher activity and greater account ownership with secondary banks than other generations. Unlike other generations—who were more discerning—Millennials reported the highest average importance for a wide range of online banking features. Rarely did an attribute not receive top-two box rankings from at least half of all Millennials.
While satisfaction predicts loyalty for Gen X and Boomer respondents, firms should more accurately assess the features that capture Millennial loyalty, as higher satisfaction fails to correspond with increased loyalty for this generation. Finally, firms should avoid completely overhauling their online banking experiences without ensuring that they prioritize basic functionality important to older generations. Doing so will avoid alienating the most loyal users and balance simplicity with extensivity.
Key findings emerge concerning banking customer satisfaction rates
Our survey identifies and explored the following key findings related to user satisfaction and preferences:
- General banking customer satisfaction is high across generations
- Despite high satisfaction, younger users are not committed to their primary banks
- Active users primarily employ their banks’ mobile apps
- Millennials are the most likely to conduct non-essential activities
- Every firm should prioritize mobile apps
- Capturing Millennial users requires acknowledging fragmentation
- Millennials expect more from their online banking platforms
- Satisfaction loses meaning for younger users
- A familiar experience is still important for older generations
Subscribers can access the full survey report gauging banking customer satisfaction and preferences on our client portal. For access, or for more competitive intelligence on the user experience that banks provide to their customers, check out Corporate Insight’s Bank Monitor research service offerings.