Around three in five Americans (58%) prefer banking with regional and community providers over a national provider. This is driven by better customer service of the former, according to a survey by D3 Banking Technology.

Of those preferring a national bank, 42% said it was due to its better digital banking experience.

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Preference regional community banks

The study, conducted online by The Harris Poll on D3’s behalf, also revealed that 61% of Americans expect their financial institutions to anticipate their financial needs in a manner similar to online retailers.

At the same time, the study found Americans placing trust on their financial providers. 78% of Americans said they were more comfortable with their financial institution having access to their personal data compared to a large technology provider.

Also, 74% of Americans were found likely to recommend their financial institution to their acquaintances, with the most common reason being good customer service in this case.

D3 CEO Mark Vipond said: “It’s encouraging that the majority of consumers would largely recommend their banks or credit unions and prefer regional and community institutions over the biggest banks.

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“However, the fact that so many consumers prefer the largest institutions because of their superior digital offerings should be a wakeup call. It’s imperative for regional and community institutions to enhance their digital experience and offer a more intuitive and comprehensive interaction than they have currently. It’s no longer good enough for institutions to simply get by with a mediocre app or website – they must make these channels their differentiator.”