Because of this, financial service companies are presented with a powerful opportunity to engage consumers and add value to the overall user experience. However, these companies must first understand what digital consumers want and how to face the challenges that lie on the path before them
How Digital Consumers Are Banking Today
What Do Digital Consumers Expect from Financial Companies?
What Are the Main Challenges Financial Companies Face While Going Digital?
How Can Financial Companies Build Trust Around Digital Payments?
Final Thoughts
How Digital Consumers Are Banking Today
For the most part, consumers are comfortable going online to manage their finances. In fact, roughly 60 percent of the entire internet population in the United States will visit one of the top 20 financial institution websites—at minimum—on a regular basis.
Up from 26 percent in 2020
Now, when it comes to consumers who are dependent on local branches, there has been a sizable reduction since the pandemic started. Before the phone lists pandemic, 42 percent wanted to go into their local branch, but after the pandemic, this number dropped to 35 percent.
These percentages are all due to consumers growing more and more comfortable banking digitally. This is particularly true with the younger generation, who are open to alternative banking options, such as online banking. It is expected for this to continue and local financial companies to become less and less relevant.
What Do Digital Consumers Expect from Financial Companies?
Digital consumers want to ensure they still get a personalized experience from online financial companies. Personalization is very strong in brick-and-mortar banking, and it is imperative that this crosses over into digital banking.
Consumers are unhappy with large
Further, digital consumers want a hybrid interaction that consists of digital services and live help. This allows them to bank at their convenience but also get personalized attention when help is needed.
What Are the Main Challenges Mailing Lead Financial Companies Face While Going Digital?
One of the main challenges that financial companies face while going digital is being able to meet or exceed customer expectations and building trust with consumers.
In addition, digital banking services are quick and efficient, which potentially keeps customers from hanging around. This makes cross-selling far more difficult online than it would be face-to-face at a brick-and-mortar institution.