New report reveals digital banking tools have the potential to drive loyalty

As the pandemic continues and more people rely on technology to help them with everyday tasks, digital tools are increasingly important. Countless research studies, including our own, have proven that new users are engaging digitally in the banking space and that this is a permanent shift. In light of this rapid evolution, the question we are repeatedly fielding is: will customers switch banks for better digital tools, much like they’ve always done for a closer branch location or better rates?

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Consumers will switch banks for a
better digital experience

Mobiquity surveyed over 2,000 banking customers in the US and asked them about their current banking habits, how they predict these habits will change in the future, and what will influence those changes. Some of what we found was what we expected - that customers are largely satisfied with the banks that they are using. But we also uncovered attitudes that surprised us, including evidence of just how fragile that satisfaction is and how ripe the industry is for digital disruption. Some of these facts include:

  • 48% of respondents agree that if they read positive reviews about a digital bank, they’d consider switching

  • 48% also agree that switching banks is easier than it used to be

  • 40% agree they are likely to switch accounts to get better digital tools

  • 37% agree they are more likely to switch than they were in the past

Download Report

Download our Digital Banking Report to learn how your customers are trending when it comes to digital tools and what they desire from their bank.