Digital banks provide better service than traditional ones

According to FIS, British digital banks outperform traditional ones when it comes to overall customer satisfaction. In a survey of more than 1,000 customers, 76% of digital bank customers said they were “very satisfied” with their financial institution, whereas only 69% of customers of the top 50 banks said the same. The new banks also outperform traditional ones in other key indicators, including confidentiality, security, problem solving and real-time payments. Traditional banks did, however, outperform their digital competitors in the provision of simple digital payments, the preferred method of payment among young people.