Boston, June 24, 2020 –Digital banking was already outpacing branch volume, but with branch closures or customers’ reluctance to visit branches due to the COVID-19 pandemic, many customers are embracing digital-first banking as a new way of life. The FIs that are not able to meet rising customer expectations will suffer as digital banking capabilities become more important in banking relationships.
This report explores consumers’ financial relationships, what channels they use for banking activities, the key factors that drive them to switch FIs, and the importance of community in a banking relationship. It is based on a Q1 2020 Aite Group survey of 2,413 U.S. consumers 24 or older and share or have the primary responsibility for managing their household finances.
This 39-page Impact Report contains 30 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.