As digital engagement is critical for financial institutions, Provident Bank, a New Jersey-based financial institution, has announced the results of its Digital Banking Consumer Preferences Survey, an online survey of 600 U.S. adults.
Online and mobile banking offerings continue to expand, and research reveals that more than three-fourths of consumers prefer to deal with their bank through those digital channels. Conversely, 20% of respondents still prefer to connect with their bank via in-person visits. This trend is driving financial institutions to offer a variety of banking options to meet customers’ needs including more advanced digital banking services.
Provident Bank’s survey’s key findings include:
° Consumers are satisfied with their current financial institutions’ digital banking offerings. 66% of respondents agree that their financial institution’s digital banking services meet their needs. In fact, 82% are less likely to consider switching banks once they are accustomed to their bank’s online/mobile banking services. And 95% said they are confident in their bank’s ability to protect financial information in their online and mobile banking platforms.
° Young consumers are embracing mobile payment services. 30% of respondents between the ages of 18 to 34 say they use mobile payment services like Apple Pay and Venmo weekly. Only 18% of respondents age 45 to 54 and 12% of those over the age of 54 use them weekly. For total respondents that do not use mobile payment platforms, 38% say they prefer to use credit cards and 34% are concerned with security.
° Mobile banking app usage varies. U.S. adults between the ages of 18 to 24 most often use their financial institution’s mobile app daily (62%), followed by those age 25 to 34 (49%) and those age 35 to 44 (45%). Overall, more than 50% would be more likely to use mobile banking services (such as mobile wallet) if their bank provided incentives and/or rewards for using them.
“To measure consumer needs, we analyze banking preferences and as a result, continuously enhance our offerings to increase digital engagement and make banking easier and more flexible for our customers,” said Josephine Moran, executive vice president and director of Retail Banking, Provident Bank. “A comprehensive mix of bank offerings allows our customers to bank anytime, anywhere, whether that is in-person at a branch location, or at home from a phone or tablet.”
Provident Bank polled 600 U.S. adult consumers nationwide, ages 18+, using organic sampling and Random Device Engagement (RDE) in October 2019 to generate the results of its Digital Banking Consumer Preferences Survey.
The accompanying image is courtesy of PaymentsJournal.com.