Two national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
With a record number of retail bank customers using mobile apps during the past year, national banks saw increased customer satisfaction with these apps, while satisfaction with regional bank apps declined, according to a series of recent studies by J.D. Power.
The digital transformation that banking has undergone since March also created opportunities to fraud. In rolling out plans to fight this, though, banks have had to be careful not to turn off customers accustomed to the ease of one-click shopping.
Even as more families used online banking in 2019, most also continued to visit bank branches, according to a recent Federal Reserve survey.
Even before consumers had felt the full effects of the coronavirus pandemic and economic shutdown, customers across generations considered easy-to-use online banking an important factor when looking for a new banking relationship, according to a survey by Boston-based Aite Group.
With limited access to bank and credit union branches during the coronavirus pandemic, customers have turned to online and mobile banking tools. But a new study shows that consumers have not done enough to prevent fraud on their accounts.
As more customers started using online and mobile technology, The Cooperative Bank of Cape Cod wanted a program to help customers, especially those within the region’s older population, to become more comfortable with the technology.
In an effort to create a better customer experience, drive incremental sales and build customer loyalty, many financial institutions around the world have been tracking customer interactions in the online and mobile banking channels.
