Study Finds Digital Investments Can Reduce Attrition

Eighty-two percent of consumers are less likely to consider switching banks once they become accustomed to their bank’s digital banking services, according to a study released today by Iselin, N.J.-based Provident Bank. Based on a poll of 600 U.S. adults, the Digital Banking Consumer Preferences Survey uncovered data meant to inform the bank’s investments in online and mobile banking technology.

The survey found that 75% of consumers prefer to deal with their banks via digital channels, and 95% report confidence in their bank’s ability to protect online and mobile financial information. Certain services, however, remain the domain of younger users. While 30% of respondents age 18 to 34 use mobile payments at least weekly, only 18% of those age 45 to 54 and 12% of those over 54 say the same. Read more.