According to a major study released by Market Force Information, consumer satisfaction with banking providers is rising overall, with consumer satisfaction with primary banking providers jumping from 49% to 57% in just one year. Despite the seemingly positive news for established banking providers, brands are still vulnerable as consumers are likely to make a switch even if satisfied. Consumers revealed that they are constantly on the lookout for lower fees, better service and better returns on deposits. Moreover, the increasing digitization of the banking sector is making for an increasingly competitive environment that allows consumers to switch more easily than ever before.
This gives hope to smaller banking service providers, which generally score higher in satisfaction ratings than their larger counterparts. Smaller and more innovative providers are the most active in addressing the shortcomings that consumers find frustrating. Their smaller size, more personable service and openness to partnering with FinTechs makes it easier for them to understand people’s unique financial situations and needs and make the appropriate adjustments. In the end, consumers are looking out for great products and services, but they also value banking as a relationship. They want the convenience that modern technology brings but also to be understood by their financial service providers.