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4 charts on consumers’ increased demand for digital and personalized banking solutions

  • Demand for better digital capabilities and product personalization from banks increased as a result of the pandemic.
  • Here are four charts on how consumer demands from banks are likely to change this year.
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4 charts on consumers’ increased demand for digital and personalized banking solutions

With the rise of both online shopping and contactless pay, consumer behavior has definitely seen some changes as a result of the pandemic. And as it turns out, these changes aren’t predicted to be reversed anytime soon.

88% of consumers are expecting companies to speed up their digital initiatives, according to Salesforce’s recent State of the Connected Customer report. Meanwhile, 78% of consumers believe they will see more business improvements as a result of 2020’s crises.

The change in consumer demands is also translating into how they view financial services. So far, consumers don’t appear to be so happy with their financial service providers. Most of the respondents ranked financial services among the bottom three in terms of their product and support quality.

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2021 could turn out to be a year consumers start demanding much more from their banks in terms of digital capabilities and personalization, according to MX’s Ultimate Guide to 2021 Banking, which surveyed over 1,000 random U.S. consumers and 220 bankers.

Consumers are leaning towards mobile banking as their primary form of banking

Digital banking demands are big this year, with 78% of the consumers surveyed saying they’re more likely to choose digital forms of banking this year. Still, 22% of consumers are saying they’re more likely to continue choosing other forms of banking.

Consumers want better mobile and online banking experience

Improving mobile and online banking experience were two of the top demands of the consumers surveyed in the study. That could mean users may no longer be as forgiving to lack of clarity in banks’ websites or a glitchy mobile banking experience.

Only 20% of respondents said they care about improving branch experience, and only 16% expressed a desire for more branches. This could indicate banking branches becoming less of a central location for customers’ banking needs.

Consumers want their accounts all in one place

91% of consumers said they want their accounts to be better connected. Banks may have to put more effort into accommodating these demands. 93% of bankers in the study reported putting more emphasis on open banking for their 2021 goals to enable better connectivity for users’ accounts.

Consumers are looking for more personalization from banks

Consumers are starting to demand a more personalized experience from their banking products, with nearly 70% of the consumers surveyed either agreeing or strongly agreeing with wanting banks to address their personal financial needs in the same format Netflix or Amazon addresses their personal entertainment or shopping wants.

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