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