Last year, online surveys from J.D. Power showed that, for the first time, consumer satisfaction at big banks surpassed consumer satisfaction at community and regional banks. This marks a dramatic shift in consumer perception – a shift that should concern executives at smaller institutions.

Credit unions have a similar cause for concern since data from the American Customer Satisfaction Index reveals that member satisfaction at credit unions has more or less plateaued over the past five years.

While there are many possible reasons for these trends, one of the most likely has to do with the digital experience. That is, big banks have developed mobile banking apps that stand above the competition, which is what consumers want. In fact, a survey from MoneySummit found that 71% of consumers would rather have a simple and easy digital experience than friendly and helpful staff. In other words, when members think of "member satisfaction," the digital experience likely plays a far bigger role today than it used to.