PADUCAH, Ky., Dec. 1, 2015 — As millennials reach an age where they are making significant banking decisions, a recent survey by Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of financial technology solutions, suggests two strategies that banks should employ to capture this particular customer base. The survey indicates that financial institutions should offer both competitive technology options to attract new customers and high-quality customer service to retain them.
Conducted on behalf of CSI by Harris Poll, the survey ran online from Aug. 7-11, 2015, and garnered responses from nearly 2,100 U.S. adults ages 18 and older. According to the results, 50 percent of consumers said that a financial institution’s technology offerings were a key factor in selecting where they bank. For males under the age of 35, this percentage jumped to 65 percent.
“We’ve reached the tipping point where at least half of adults expect and demand innovative solutions for their banking needs,” said Steve Powless, CSI’s chief executive officer. “While the exact mix of technology offerings will vary for each bank’s demographics, top areas include additional mobile banking options, peer-to-peer payments and next-generation card security like EMV.”
While new technology increasingly brings consumers into banking relationships, customer service is still the top factor in retaining customers. The CSI survey found that 79 percent of consumers consider customer service as the most important aspect of their banking relationship. Although this percentage varies slightly with age (75 percent of adults under 35, and 86 percent of adults over 65), service far outpaced any other factor in the survey.
“It’s no surprise that customer service is the most important aspect in a customer’s relationship with his or her bank,” Powless said. “But as banks move toward the future, they must continually redefine what exemplifies ‘great service.’ It may not be in-person encounters at a branch, but rather a smooth mobile banking experience and the ability to receive help no matter how they choose to interact with the bank.”
The survey offered additional insight shared by U.S. adults related to their banking habits and preferences. A detailed report of the survey’s findings is available for download at www.csiweb.com/2015consumerpoll.
This survey was conducted online within the United States by Harris Poll on behalf of CSI from Aug. 7-11, 2015, among 2,084 adults ages 18 and older. This online survey is not based on a probability sample; therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Brandon Dyce, CSI communications director, at firstname.lastname@example.org.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.