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February 15, 2018updated 16 Feb 2018 11:01am

Over two-thirds of American frustrated with digital banking experience

More than two-thirds (68%) of American digital banking users are frustrated with their digital banking experience, according to a report by D3 Banking Technology.

The survey of more than 1,600 digital banking users, which was conducted online by Harris Poll on behalf of D3, found that about one-third of digital banking users are ready to switch financial institutions for a better digital experience.

According to the report, the digital banking users aged between 18 and 34 are more likely to be frustrated with their digital banking experience compared to those above 55 years of age. Nearly 73% of the younger group indicated that they have been upset with their digital banking experience over the past year, compared to only 61% of adults aged 55 or more.

During the survey, 70% participants said that the financial institutions should provide mobile deposit facility whereas 66% respondents sought P2P services.

Additionally, 51% of the digital banking users sought mobile account opening as part of their digital banking offerings.

D3 Banking Technology CEO Mark Vipond said: “The fact that nearly three-quarters of digital banking users ages 18-34, who are likely entering some of the most financial significant periods of their lives, are frustrated with the digital experience offered by financial institutions is alarming.

“However, an even greater concern for banks and credit unions is the number of American digital banking users – 32% as found in our survey – who are willing to leave their current banking relationship for a better digital experience.

“As new types of technology continue to be introduced, financial institutions are going to need a strategy built on technology that features that allows them to innovate and introduce new features and functionality faster than they have to date.”

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