CHICAGO–A new report offers some insights after two surveys were conducted to determine how financial services leaders and consumers are aligned on digital banking priorities and to further explore how leaders are investing in digital strategies to meet expectations.
While the survey was conducted prior to the current pandemic crisis, BAI, which conducted the survey, said the results highlight how the current situation is only speeding up a process financial institutions were already making a top priority:
Among the findings:
- More than 95% of financial services organizations plan to invest more in digital banking in 2020 over 2019, with the average increase being 13%.
- Consumers say 24/7 customer service is the most important way to enhance digital banking services, followed by easier account opening and closing.
- More than 60% of Millennials and Gen Z consumers would switch their primary financial service organization for better digital banking services.
‘A Lot of Unique Challenges’
BAI said it surveyed 600 consumers, with an equal sample between Gen Z, Millennials, Gen X and Boomers, to uncover their attitudes about the digital banking experience. BAI said it further surveyed more than 200 financial services leaders to understand their thoughts on digital banking, including digital investments and digital banking priorities.
“There are a lot of unique challenges associated with the COVID-19 pandemic right now. Digital channels are increasingly important, and digital account activation is more valuable than ever as bank and credit union leaders are rapidly adjusting in-person branch operations and services,” said Karl Dahlgren, managing director at BAI. “It is vital for these leaders to map their digital customer experience and collaborate with fintech companies that can help bridge the gap between customer expectations and current capabilities. While financial services organizations of all sizes are investing more in digital banking, the impact of this year’s economic challenges will only accelerate the rate consumers adopt additional digital banking services.”
For more info on the BAI Banking Outlook, or to watch the free webinar that offers deeper analysis, go here.