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.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.