Two national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
With a record number of retail bank customers using mobile apps during the past year, national banks saw increased customer satisfaction with these apps, while satisfaction with regional bank apps declined, according to a series of recent studies by J.D. Power.
Even as more families used online banking in 2019, most also continued to visit bank branches, according to a recent Federal Reserve survey.
Even before consumers had felt the full effects of the coronavirus pandemic and economic shutdown, customers across generations considered easy-to-use online banking an important factor when looking for a new banking relationship, according to a survey by Boston-based Aite Group.
With limited access to bank and credit union branches during the coronavirus pandemic, customers have turned to online and mobile banking tools. But a new study shows that consumers have not done enough to prevent fraud on their accounts.
Financial institutions have been trying to help consumers take control over their financial matters by providing them access to personal financial management capabilities in digital banking.
In an effort to create a better customer experience, drive incremental sales and build customer loyalty, many financial institutions around the world have been tracking customer interactions in the online and mobile banking channels.
With artificial intelligence (AI) trending toward the mainstream, financial institutions have an opportunity to reinvent how they deliver personal finance management (PFM) tools and create an interactive experience that will help consumers take control of their overall financial health.
