The rapid growth of digital technologies boosts financial companies constantly seek new solutions to retain existing and attract new customers. The classic range of banking services is already unthinkable without digital solutions, especially mobile banking when we take into account new generations, Millennials in particular.
According to the latest PwC report, 82% of Millennials say they use mobile banking.
It is important not even a constantly growing number of online banking users but the fact that the current consumer has become more demanding and, first of all, requires a high-quality digital banking service. The Accenture report indicates the following specific trends:
- 78% of consumers readily share personal data with their bank, but 66% of them require faster and simpler services, and 73% expect lower prices in exchange;
- Up to 59% of respondents want financial instruments to track their monthly budget with real-time adjustments based on their current spending patterns;
- 41% are interested in using digital advisors based on AI algorithms to manage their banking activities;
- In addition to standard payment options, 61% of respondents would like to have inexpensive P2P payment instruments, and 50% want to have direct access to their digital money (bitcoins, ethereums, and other crypto-currencies) through a reliable banking application.
Infosys studied this sphere in more detail:
- 48% of respondents indicated that their banking services experience using digital technologies was excellent.
- Up to 64% of respondents feel completely confident while transacting via banks with digital access.
- 49% of respondents mentioned security as their main concern while using digital banking solutions for their daily use.
Based on the collected data, we can be sure that mobile banking and related digital solutions have strengthened their positions in the fintech market; and they will be on trend for more than one year, and the number of users will grow day by day involving older generations.
Author: ASD team