Fannie Mae Survey: Big Banks vs. Big Tech

first_img Banks Big Tech Digital Mortgages Fannie Mae Steve Deggendorf 2019-02-05 Donna Joseph in Daily Dose, Featured, Market Studies, News, Servicing Previous: Addressing the State of the Union Next: Texas Officials: Get Moving on Harvey Relief Money Related Articles February 5, 2019 2,687 Views Share Save Fannie Mae Survey: Big Banks vs. Big Tech The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fannie Mae Survey: Big Banks vs. Big Tech About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Banks Big Tech Digital Mortgages Fannie Mae Steve Deggendorf Subscribe The Best Markets For Residential Property Investors 2 days ago Online services offered by banks are appreciated by consumers, however, big tech competitors loom, stated a new Fannie Mae survey that looked into the American perspective on banking experiences, and the shifting patterns in consumer digital experiences. According to respondents of the Q3 2018 National Housing Survey, while 43 percent of Americans say they are “very likely” to recommend their bank, 24 percent said they tend to stay with them out of convenience and trust. Some choose to stay on account of their bank’s speed, rates, or online interface.Sixty-nine percent of consumers reported overall satisfaction with their primary bank’s online interface as they are easy. Several respondents stated that they prefer performing simple tasks online—such as depositing money and paying bills—and are less comfortable performing more complex tasks online, including applying for a mortgage. Sixty-eight percent of young Americans do online banking, and approximately one-third of those surveyed use Big Tech payment services for mobile payments.The survey’s findings come at a time when traditional banks and financial institutions face increasing competition from start-ups and established Big Tech companies that have started rolling out financial services. These companies, however, do not inspire much trust among consumers, the survey noted. However, 20 percent of Americans, when thinking of their favorite technology companies—Google, Amazon, Apple, and Facebook— are more likely to trust that particular Big Tech company to handle their financial activities, including mortgages.“These new entrants are looking to offer financial services and are often credited with offering dazzling consumer digital experiences significantly better than those of traditional banks. Given the digital and customer experience prowess and resources of Big Tech firms, they may be especially well-situated to compete against traditional financial institutions,” said Steve Deggendorf, Director of Market Insights Research at Fannie Mae.The survey also pointed out most banks do not currently provide the experience that fulfills consumers’ financial needs on the digital front compared to the Big Tech giants. Fannie Mae’s prior research also shows that a majority of recent homebuyers have some interest in a fully digital mortgage. The survey findings also indicate that now is the time for banks “to step up their digital game and, more specifically, to consider how to best digitize more complex financial tasks before Big Tech does.”Read the full report here. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img

first_img Banks Big Tech Digital Mortgages Fannie Mae Steve Deggendorf 2019-02-05 Donna Joseph in Daily Dose, Featured, Market Studies, News, Servicing Previous: Addressing the State of the Union Next: Texas Officials: Get Moving on Harvey Relief Money Related Articles February 5, 2019 2,687 Views Share Save Fannie Mae Survey: Big Banks vs. Big Tech The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fannie Mae Survey: Big Banks vs. Big Tech About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Banks Big Tech Digital Mortgages Fannie Mae Steve Deggendorf Subscribe The Best Markets For Residential Property Investors 2 days ago Online services offered by banks are appreciated by consumers, however, big tech competitors loom, stated a new Fannie Mae survey that looked into the American perspective on banking experiences, and the shifting patterns in consumer digital experiences. According to respondents of the Q3 2018 National Housing Survey, while 43 percent of Americans say they are “very likely” to recommend their bank, 24 percent said they tend to stay with them out of convenience and trust. Some choose to stay on account of their bank’s speed, rates, or online interface.Sixty-nine percent of consumers reported overall satisfaction with their primary bank’s online interface as they are easy. Several respondents stated that they prefer performing simple tasks online—such as depositing money and paying bills—and are less comfortable performing more complex tasks online, including applying for a mortgage. Sixty-eight percent of young Americans do online banking, and approximately one-third of those surveyed use Big Tech payment services for mobile payments.The survey’s findings come at a time when traditional banks and financial institutions face increasing competition from start-ups and established Big Tech companies that have started rolling out financial services. These companies, however, do not inspire much trust among consumers, the survey noted. However, 20 percent of Americans, when thinking of their favorite technology companies—Google, Amazon, Apple, and Facebook— are more likely to trust that particular Big Tech company to handle their financial activities, including mortgages.“These new entrants are looking to offer financial services and are often credited with offering dazzling consumer digital experiences significantly better than those of traditional banks. Given the digital and customer experience prowess and resources of Big Tech firms, they may be especially well-situated to compete against traditional financial institutions,” said Steve Deggendorf, Director of Market Insights Research at Fannie Mae.The survey also pointed out most banks do not currently provide the experience that fulfills consumers’ financial needs on the digital front compared to the Big Tech giants. Fannie Mae’s prior research also shows that a majority of recent homebuyers have some interest in a fully digital mortgage. The survey findings also indicate that now is the time for banks “to step up their digital game and, more specifically, to consider how to best digitize more complex financial tasks before Big Tech does.”Read the full report here. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img

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