The transition to digital continue to be one of the banking industry’s most important issues in 2020. Although some banks have made great strides, customers just aren’t sitting still. They want to access their money, move it, analyze it, invest it and spend it at breakneck speed — and they aren’t counting on banks to do it.
That’s one of the major insights from the annual Novantas U.S. Shopper Survey, which will be released in early 2020. This year’s survey included customers from 118 banks across 42 markets. It also added new entrants like Chime and Varo.
Here is a sneak peek of some of the findings:
Although banks still play a critical role in payments, consumers are increasingly interacting with non-bank brands for their transactions. That trend is only likely to continue in 2020 as Google introduces a U.S. checking account that is backed by Citigroup and a Stanford University credit union.
Meanwhile, the importance of branch-centric factors has dropped significantly since 2014.
Novantas also recently surveyed senior digital-banking executives to determine their top three priorities.
They said customer acquisition via digital channels is particularly challenging.