Survey: Banks just aren’t ready for digital
Chris Skinner
JANUARY 22, 2020
I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar.
Digital banking often leads to branch visits, survey says
Bank Innovation
FEBRUARY 5, 2020
As consumers increasingly expect to complete bank interactions online, a survey commissioned by Lightico indicates that creating end-to-end digital journeys continues to be a struggle for many banks.
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Digital Banking Gaining Scores Of New Users
PYMNTS
SEPTEMBER 4, 2020
Migration to mobile and digital banking ramped up during the pandemic. It’s one of numerous revelations in PYMNTS’ Leveraging The Digital Banking Shift Report , a collaboration with Feedzai , based on a survey of nearly 2,200 U.S. percent of online banking customers using digital channels more.
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Deep Dive: Strategizing Transparent, Holistic Digital Banking Transformations
PYMNTS
APRIL 27, 2020
One study recently determined that the number of digital banking users is expected to exceed 3.6 billion by 2024, and a separate study suggested that many customers were willing to use FinTechs as well as their primary banks to receive the level of technological support they desired.
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Prospects for More De Novo Digital Banks Come Into Clearer Focus
Bank Innovation
APRIL 11, 2019
Get ready for more banks. Digital ones, that is. New data shows that consumers -- and financial institutions -- are more inclined toward greenfield digital banks. In a recent survey by Fiserv, 86% of respondents said they would consider leaving their bank, if they could not easily manage their accounts online.
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FIs Should Take Onboarding Lessons From Amazon, Expert Says
Bank Innovation
JUNE 21, 2017
Banks should approach points of digital friction in the same way e-commerce giants do, if they want to hold onto their customers. As noted in recent surveys, a single point of friction is all it takes for consumers to abandon a digital banking product—and thus, the bank itself.
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The world’s best banks, according to Forbes
Chris Skinner
JUNE 23, 2020
Forbes just launched a list of the world’s best banks, based upon a survey of over 40,000 consumers in partnership with Statista. I’m always wary of such surveys as, like influencer lists, they often reflect the world they want and miss a lot of what’s really happening.
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Consumers Won’t Use a Banking App, Unless It Features Biometric Authentication
Bank Innovation
MAY 4, 2017
Consumers are becoming more comfortable with biometrics in banking—most are now actively asking for the capability to be included in their mobile and online banking experience. Almost 80% of customers want more biometric authentication methods in their digital banking (online and mobile) experience, according to a survey of 1,000 U.S.
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BBVA On Google, Digital Banking And The Rise Of The ‘Everyday App’
PYMNTS
AUGUST 4, 2020
The writing has been on the wall: PYMNTS research has found that though most people are satisfied with their in-place relationships with banks, only about 40 percent of people would be “extremely” or “very” likely to bring their banking relationships to Big Tech or FinTechs. ” Looking Ahead.
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What Will Finally Kill Cash? Apple Pay, Says Survey
Bank Innovation
NOVEMBER 9, 2016
As much as we all love digital banking (and we do) there are clear kinks that need to be worked out. The recent Android banking Trojan that’s gaining ground, Tesco Bank having to halt online transactions, the massive Yahoo hack, and even the troubles at Wells Fargo could all be Read More.
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Digital Bank Startup Branch Offers Mobile Payments
PYMNTS
JUNE 16, 2020
Branch , the digital bank startup, is branching out. Consumers deserve fast and flexible mobile banking services that adapt to their needs,” said Branch CEO Atif Siddiqi in a statement. The study was conducted between April 10 and 12 of 17,000 consumers in 19 countries as stay-at-home orders and social distancing became common.
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Consumers Would Be Comfortable Using Google or Apple For Taking Out Loans, Survey Finds
Bank Innovation
OCTOBER 18, 2018
Banks need not fear large technology companies like Google or Apple taking their business. Digital banking continues to be the most convenient option for simple daily transactions, but branches are still necessary for the more complex ones And yet banks should not ignore the shift in banking habits brought on by non-bank technology companies.
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What happens to customers who don’t want digital?
Chris Skinner
MAY 27, 2020
Living in a digital world, it’s hard to imagine being disconnected. According to a recent survey by Which? Personally, I cannot imagine living without a mobile phone, but some people are happy to be off the … The post What happens to customers who don’t want digital? Yet, some people are.
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Small Businesses Draw The Line On Lack Of Digital Banking
PYMNTS
OCTOBER 11, 2018
Now, a new report is shining a spotlight on European banks’ lackluster performance in another area: small business (SMB) services. Banking technology provider Avoka recently released its own survey on SMB bank customers to assess their satisfaction with their current financial service providers.
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Digital Banking Consumers Still Don’t Fully Trust Online Bill Pay
Bank Innovation
JULY 30, 2018
It revealed that while 59% of consumers surveyed paid bills online, more than half of them said they did not trust the […]. Convenience, not trust, is why people choose to pay their bills online, according to Fiserv’s quarterly report on consumer payment trends.
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SME App Seed Gets Rid of Monthly Fee
Bank Innovation
OCTOBER 18, 2017
EXLUSIVE – SME-focused digital bank Seed is nixing its monthly fee and will now be free for customers. The San Francisco-based fintech used to charge its customers $9 per month, but after conducting a survey, CEO Brian Merritt told Bank Innovation that he realized Seed could serve customers better by being free.
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Entersekt Teams With Cellulant For More Secure Digital Banking
PYMNTS
NOVEMBER 24, 2020
24) that the collaboration with Cellulant will help “drive consumer confidence in digital banking and boost the adoption of digital payments on the continent.”. Our clients trust us to not only be constantly innovating around digital banking and payments, but also to guarantee safety and security.
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Corporate Banking Customers List Cybersecurity as the Reason They Are Sticking with Checks
Bank Innovation
JULY 20, 2018
business leaders (owners, managers, and executives) prefer using digital banking, and yet less than half of them have plans of increasing their use of online banking products and services, that’s according to a JPMorgan Chase survey. A majority of U.S.
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Credit Sesame Launches Free Digital Bank Account
PYMNTS
MARCH 10, 2020
Credit and loan company Credit Sesame has announced a new, free digital bank account called Sesame Cash as part of a new digital banking service, with the goal of helping customers grow cash and credit in one place, according to a release. .
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Survey: Quarter Of Americans Open To Banking With Big Tech
PYMNTS
JULY 1, 2020
But one thing is clear: Americans would be willing to dispense with their local bank and make Amazon , Apple or Google their primary payment account provider if those 21 st -century accounts allowed them to more easily manage and spend their money. A PYMNTS survey of 3,000 U.S.
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Building a Discipline to Drive Digital Banking Strategy
Gonzobanker
OCTOBER 13, 2020
Cornerstone’s Growth Engine Framework illustrated below summarizes common measurements used to monitor the digital customer through the capture, acquire and nurture stages of relationship development. Typically, some of the lowest Net Promoter scores (NPS) in banking come from frustrated digital banking and payments users.
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Banks’ leadership teams are fatally flawed
Chris Skinner
MAY 17, 2017
I was chairing a conference with various speakers, when Gartner Group stood up and talked about their annual bank survey. They found that of the senior bankers surveyed, 76% don’t believe that digitalisation will affect their business model. The two are completely different.
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The Finanser’s Week: 20th January 2020 – 26th January 2020
Chris Skinner
JANUARY 26, 2020
The main blog headlines are … Survey: Banks just aren’t ready for digital I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar.
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Results from new consumer digital banking survey explain that it’s time for retail bankers to get off the ropes
Accenture: Banking
JUNE 30, 2016
The late Muhammad Ali was a cultural and sporting icon for over 50 years. One key to his longevity was his ability to change and evolve in a sport and a culture often dominated by one trick journeymen. Read more.
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Big banks need to embrace embedded finance – and fast
Accenture: Banking
NOVEMBER 3, 2022
A recent Accenture survey found that embedded finance offerings to small and medium-sized enterprises could increase global bank revenues by as much as US$92 billion by 2025. Embedded finance offers banks a huge opportunity to grow their businesses. Chris is the Commercial….
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Deep Dive: How FIs, Customers Are Navigating The Coronavirus-Inspired Spike In Digital Banking Demand
PYMNTS
APRIL 30, 2020
Banks must now consider how to best expand remote services and emphasize these channels once consumers can safely visit branches again. This month’s Deep Dive examines how consumers are approaching digital banking and how FIs are leveraging online and mobile channels to prevent service gaps during the pandemic.
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SNB Survey Finds Just 50 Percent Of Swiss Bank Online
PYMNTS
AUGUST 27, 2019
A new survey of 34 banks in Switzerland showed that only about 50 percent of the population bank online, according to a report by Reuters. . The survey was conducted by the Swiss National Bank (SNB) and released on Tuesday (Aug. Overall, the banks have not yet reached their digitalization targets,” the SNB said.
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Bank consumer survey: Canter closer in step with markets of one
Accenture: Banking
APRIL 30, 2019
Nevertheless, our research allowed us to separate retail banking customers into four distinct “personas” that can give providers a great deal of insight into how to structure their offerings and stay relevant. Pioneers , for instance, look like the ideal customers for a modern digital bank.
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For Challenger Digital Banks, It’s Game On
PYMNTS
JULY 20, 2017
New players on the digital banking scene are hoping to change the game by looking to industries that are categorically unlike banks for inspiration. Over the past few years, dozens of so-called digital-only “challenger” banks have emerged on the financial scene, ready to compete with larger more traditional banks.
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Credit Sesame CEO On Creating A Smarter, Digital Bank
PYMNTS
JUNE 17, 2020
The joint efforts of Credit Sesame (with 16 million registered members) and STACK will combine credit management and digital banking — with digital wallets — across a single platform. He cited surveys of Credit Sesame customers that showed that 39 percent of individuals would be interested in digital banking.
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How SMBs’ Digital Banking Demands Change The KYC Challenge For Banks
PYMNTS
NOVEMBER 14, 2019
What’s more, the digital shift is adding new pressures on financial institutions (FIs) themselves, particularly when it comes to the onboarding and KYC process, as PYMNTS’ latest AML/KYC Tracker discusses. Power found that small businesses continue to embrace mobile banking, with its 2019 U.S. Recent research from J.D.
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Green Dot To Launch Mobile Banking For US Immigrants
PYMNTS
MAY 28, 2020
Hispanic immigrants access digital banking services, according to a press release. Hispanic immigrants have access to actual banking services, the release states, citing an FDIC survey. The press release states that the PODERCard is designed to combat the common truth that banking products are designed for the wealthy.
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Community Bank Acquires SMB Digital Bank Seed
PYMNTS
JUNE 25, 2019
Community financial institution (FI) Cross River Bank is acquiring Seed , a small business (SMB) digital banking company, reports in Reuters said on Monday (June 24). Cross River Bank has partnered with a range of FinTech startups since its 2008 launch, including collaborations with Stripe , Coinbase and Affirm , reports said.
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Personalized Marketing: What Banking Customers Really Want
Perficient
APRIL 20, 2023
The Landscape According to Forbes Advisor: 2022 Digital Banking Survey , as of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. And those consumers desire digital experiences that are personalized and meaningful.
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Keeping Cybercrooks Out Of Digital-First Banking
PYMNTS
JANUARY 28, 2021
The latest Digital-First Banking Tracker® done in collaboration with NCR , notes that “FIs are devoting more money than ever to fraud prevention as more consumers go digital. Of those willing consumers, 40 percent like fingerprint-based biometrics on banking apps, “while one-quarter preferred facial recognition technology.”.
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The top trends in retail banking innovation
Chris Skinner
OCTOBER 4, 2017
I get lots of input from many sources, and one of the ones I like is the innovation survey of banking produced annually by EFMA with Accenture.
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Consumers Want More Financial Advice from Banks
Bank Innovation
APRIL 14, 2017
Consumers see their banks as more of a stressful utility, rather than a financial advisor. According to the Future of Money report released by Cognizant, banks are not proactive with the financial needs of their consumers; 90% of consumers surveyed stated that they primarily deal with their bank for simple transactions only.
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297 Temenos To Power Telia’s Digital Banking Portal
PYMNTS
APRIL 12, 2018
Bank software company Temenos has won the competition to work with telecommunications conglomerate Telia and power its digital banking operations, according to Reuters reports on Wednesday (April 11). Banks, meanwhile, appear to be trying to meet higher demand for their corporate clients, the report noted.
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Banks Embrace AI: NVIDIA Survey Reveals Rapid Shift to Implementation
The Financial Brand
NOVEMBER 10, 2024
This article Banks Embrace AI: NVIDIA Survey Reveals Rapid Shift to Implementation appeared first on The Financial Brand. This article Banks Embrace AI: NVIDIA Survey Reveals Rapid Shift to Implementation appeared first on The Financial Brand.
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Deep Dive: How 2020 Shaped The Future Of Digital-First Banking
PYMNTS
DECEMBER 30, 2020
Filling this void is digital banking, which has seen unprecedented levels of adoption as customers look to carry on their financial activities without leaving their homes. Financial institutions (FIs) of all sizes will have to take the lessons of 2020 into account when planning ahead, and digital banking will play a central role.
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Scotiabank: Why Banks Need To Rethink Personalization
PYMNTS
JULY 22, 2020
Customers are instead turning to digital means to maintain their financial lifestyles, and this shift is likely to continue even after the pandemic is in the rear-view mirror. Developments From Around The World Of Digital-First Bank ing. The global digital banking platform industry generated $3.95
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First Bank Takes Two-Pronged Approach To Fighting Internal, External Fraud Threats
PYMNTS
JANUARY 25, 2021
The banking industry is still grappling with the pandemic’s unprecedented effects, including a broad digital shift across numerous sectors. This increased digital engagement can create challenges, however, as it opens up new avenues for fraud in addition to making transactions more convenient for customers.
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The Problem With Customer Opinion Surveys and Strategy
Alex Jimenez
MAY 28, 2024
The writers derive these claims from customer opinion polls and immediately jump to conclusions without understanding survey methodology. Some researchers and consultants conduct customer opinion surveys with biased questions and limited responses. I don’t contest that 11% of people answering the survey are unhappy.
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New Digital Experiences Keep Credit Unions Relevant – And Then Some
PYMNTS
DECEMBER 31, 2020
A separate study found that 88 percent of credit unions surveyed in early 2020 planned to invest more in such technologies than they had over the previous year. We all know what’s transpired since.
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