SMS and quality support are key to creating a positive experience in banking, according to a Mitto survey.

Mitto found that customer experience is crucial as one-third of respondents who reported a negative bank experience would rather make a trip to the dentist than interact with their bank.

Nearly 90% of consumers want to be able to converse with their bank on their preferred channels, from SMS to chat apps and social media.

The speed of these conversations is also critical. SMS was shown to be the favored channel for fast responses, as 46% of respondents favored text messaging instead of email or phone calls.

For consumers to feel more comfortable making purchases and transacting online, they want banks to incorporate additional security, including SMS identity confirmation for large purchases. 75% of respondents' banks use two-factor authentication (2FA) via SMS for added security.

Additional findings:

• Faster response times were a priority for almost 70% of Gen Z and Millennial respondents.

• 58% of consumers expect a 2FA message immediately and if they have to wait, 41% would consider abandoning their pursuit.

• 86% of individuals prefer that banks confirm their identities for large purchases, with 47% wanting confirmation for all purchases over $200.

• More than half preferred SMS as the best way to communicate during these exchanges.

These findings are based on a Mitto survey of 1,000 Americans conducted in May 2022.