Challenger Banks Overtake Traditional Banks in Customer Satisfaction

Tearsheet reports on a recent survey, the 2019 FIS Performance Against Customer Expectations (PACE) survey, of 1,800 consumers; not surprisingly, the top 50 banks did not perform well with only 19% of survey respondents extremely satisfied with the largest banks; younger consumers, who do the vast majority of their banking digitally, are trusting fintech companies more and appreciate the fact that it is easier to get things done with a technology-driven company; interestingly, millennials are most likely to follow the recommendations of others with 75% of this age group being referred to their primary bank. Source.