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Financial companies increasingly invest in digital banking

Apr 06, 2020

The report highlights priorities consumers and bank leaders have towards digital banking tools

invest in digital banking

Financial companies increasingly invest in digital banking. Source: shutterstock.com

According to the research, over 95% of financial services organizations aim to invest more in digital banking in 2020 compared to 2019, with an average increase of 13%.

This way, investing in digital banking enhancement opens an opportunity for financial services organizations. Firstly, that would catch the eye of the consumer who is looking for a new financial services provider. Furthermore, that would improve relationships with existing customers who wouldn’t mind switching for a better omnichannel experience, the study found.

Besides, consumers consider a 24/7 customer service as the most important way to develop digital banking services, followed by an easier account opening and closing.

The study found that more than 60% of Millennials and Gen Zers and Xers would switch their primary financial service organization for better digital banking services. At the same time, only 18% of Boomers are ready for that.

Although, over 45% of financial services organizations don’t allow customers to open their first account online regardless of the high demand.

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. 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
Karl Dahlgren, managing director at BAI

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Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.