Combining the latest in digital banking with human interactions via over than 4,000 consumers surveyed in the United States & Canada as a represented sample for North America, through tracking consumer banking deals, discounts, convenience, relevance attitudes, and behaviors, you can find that online banking remains the dominant channel.
Read the below key findings to understand the values that banks must provide to customers or risk losing them:
- 45% of consumers say the main reason that they would stay loyal to their bank is if it offers discounts on purchases of interest, followed by 43% said when the bank helping in the car buying process they become loyal to this bank.
- 11% of consumers switched their bank in the past year to online virtual banks. Millennials and mass-affluent individuals are the most likely demographic groups to switch.
- The majority of switchers almost all said that the main reason they leave their bank is for cheaper products and services.
- 46% of consumers are willing to bank using Robo-advice in the future. Robo-advice is the use of automation and digital banking techniques to assist customers with their financial needs.
- 79% of North America consumers are willing to receive Robo-advice about asset allocation, 80% of them are Millennials and 83% are mass-affluent individuals.
- 87% of consumers, including 86% of Millennials, said that they will use the bank branch in the future, despite the digital transformation of the industry.
A Graph Show The Percentage of Users Who Switched to a New Financial Service Provider Instead of Their Bank.