Retail banks are the digital division of the bank that deals directly with retail customers, offering them the real-time financial advice and convenience they increasingly expect, With the right technology investments, they can streamline operations and compliance.

Read the below and gain a deep understanding of customer preferences and behaviors, and also their attitudes toward new emerging competitors that increasingly challenge traditional banks:

• 75% of respondents still consider the traditional bank with branches to be their PFSP (primary financial services provider).
• 48% of respondents globally have complete trust in PFSP that it’ll keep their money safe, the highest rate was in Nigeria (71%).
• 40% express both decreased dependence on their bank & increased excitement in what alternative companies can provide.
• Respondents reported that finding both a great digital presence (66%) and a physical presence (66%) is very important in their bank.
• 62% of respondents said that it’s important to be able to switch easily between different ways of interacting with a bank.
• 42% have used nonbank providers in the last 12 months, and 21% haven’t yet used them.
• 42% have used digital-only, nonbank financial products and services in the last 12 months, and 21% haven’t yet used them.

A Figure That Shows The Digital and Financial Maturity.

Methodology:

Data were driven from more than 55,000 consumers across 32 countries around the world.