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Voting with Their Feet: Banking Consumers Want a Seamless Digital Experience

Voting with Their Feet: Banking Consumers Want a Seamless Digital Experience

Voting with Their Feet: Banking Consumers Want a Seamless Digital Experience

Bain & Company
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Digital banking sales remain underperforming as many consumers who try to purchase banking products online end up turning to competitors instead of their primary bank. While websites and mobile apps are now the preferred channel for buying banking products, nearly half of digital buyers encounter friction when attempting to open accounts, such as checking or savings products. About half of customers who try to buy digitally ultimately defect to another bank. This friction not only drives lost sales but also damages customer trust and perceptions, as each point of difficulty degrades the overall reputation of the bank and weakens customer loyalty.

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