BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, unveiled new research exploring the priorities and perceptions consumers and bank leaders have towards digital banking tools. The findings, based on two surveys conducted in January 2020, were shared during a recent webinar, BAI Banking Outlook: Understanding the Digital Experience.
The goal of the BAI Banking Outlook: Understanding the Digital Experience research was to determine how financial services leaders and consumers are aligned on digital banking priorities and explore how leaders are investing in digital strategies to meet expectations. BAI surveyed 600 consumers, with an equal sample between Gen Z, Millennials, Gen X and Boomers to get their attitudes about the digital banking experience. BAI also surveyed more than 200 financial services leaders to understand their thoughts on digital banking, including digital investments and digital banking priorities.
Highlights from the BAI Banking Outlook: Understanding the Digital Experience research include:
- 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.
“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 information about the BAI Banking Outlook, or to watch the free webinar providing deeper analysis of the survey’s results, visit https://www.bai.org/research/bai-banking-outlook.
As a nonprofit, independent organization, BAI has delivered the financial services industry’s most actionable insights for more than 95 years, enabling leaders to make smart business decisions every day. We’re passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. That’s why we provide in-depth, proprietary research to 30 of the top 50 banks and numerous others, support more than 2,000 financial services organizations with compliance and professional development training, provide trusted, relevant thought leadership through BAI Banking Strategies reports, podcasts and webinars, and offer specialized events and programs. For more information, visit http://www.bai.org.