The Financial Brand: Consumers’ Surprising Views on the Future of Banking
By Bill Streeter
January 27, 2020
Judging by responses to a new study, the battle for payments is over (tech wins), branches will become few and far between, and mobile rules. In addition, consumers would welcome personalized advice and security-related products. For now, financial institutions have a clear edge in trust over fintech providers, but will they use it?
MX, the digital transformation platform, conducted two consumer surveys in late 2019, each one generating just over 1,000 responses. These were distilled into two reports: The Ultimate Guide to Digital Transformation and The Ultimate Guide to the Future of Banking. The latter in particular offers much data on how consumers see banking changing, along with how they currently conduct their banking activities. The firm also offers some practical advice for digital transformation, summarized later in this article.
Commenting on the low percentage of people predicting an “online-only” future for banking, Jon Ogden, Head of Strategic Content at MX, tells The Financial Brand that:
“In spite of all the advancements in digital technology, many consumers still want to interact with a human for certain banking transactions. That said, these interactions don’t necessarily have to be in person. If digital-only banks can perfect the human element via video phone calls and instant online chat, consumers may come to see these banks can be the way of the future.”
Read the full article here.