Data-driven disruption is fueling growth and digital innovation within the banking industry, and a majority of consumers believe the banking industry is keeping pace with other business sectors. As the banking industry goes through a digital transformation, two deep currents are driving change across the industry: more choice and less friction.
According to the MX 2019 Ultimate Guide to Digital Transformation in Banking, nearly 90% of U.S. consumers are interacting more frequently with their financial institution digitally than in person and more than 80% of consumers use mobile banking at least once a week. The 2019 Ultimate Guide to Digital Transformation in Banking provides a roadmap for financial institutions to deliver breakthrough digital experiences at every meaningful touchpoint.
Other findings included within the Ultimate Guide to Digital Transformation:
° 94% of consumers said they would like to know if their financial institution could offer better product deals (e.g., mortgage, auto loan) than they currently have.
° 84% of consumers use mobile banking weekly, more than 54% every other day and 26% use mobile banking daily.
° 77% of consumers said they would value personalized financial advice from their financial institution through a digital device.
° 71% of consumers said they have been frustrated by an unclear bank transaction description, but only 4% of consumers expressed complete distrust in financial institutions with their data.
° 59% of consumers would consider applying for a loan with a major tech company (e.g., Apple, Google or Amazon).
° 59% of consumers would consider depositing their paycheck with a major tech company (e.g., Apple, Google, Amazon) if they introduced an FDIC-insured checking account.
° More than 25% of consumers have three or more financial or banking apps on their phones.
“The financial industry is going through a massive digital transformation as consumers turn to digital tools and mobile apps to do what was traditionally done within the walls of a bank or credit union,” said Don MacDonald, chief marketing officer, MX. “Financial institutions that use data to better understand their customers and deliver breakthrough digital experiences will be rewarded with greater customer loyalty, engagement and ultimately higher deposits and greater share of wallet.”
The MX platform is used by the financial institutions to eliminate data silos, discover new opportunities and deepen customer insights by aggregating, cleansing, and augmenting internal and external data. To download the report visit: https://data.mx.com/digital-transformation.
The accompanying image is courtesy of Payments.Journal.