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Digital Channels in a Pandemic World

May 2022 | Online and Mobile Banking | AI and Chat Options | Barriers to Adoption
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Rapid innovation is shaping the future of banking, and the pressure has never been greater on financial institutions to maintain a competitive edge. Neobanks and nonbank fintech players are gaining market capitalization and users. Well-established telecommunications companies and retail giants have entered the fray, offering a variety of financial services to their large customer bases. As financial institutions seek to leverage their unique resources to compete, they must regularly examine consumers’ perspectives to gain feedback and foresight.

When developing strategies for digital-banking channels, financial institutions must consider a number of issues. What devices do consumers in different market segments prefer to use for various digital-banking activities? How do consumers perceive and use online text-based chat and video chat for communication with financial institutions? How comfortable are consumers when interacting with artificial-intelligence systems?

What factors and concerns prevent consumers from adopting various digital methods of managing their finances? What friction points exist in digital-banking channels and between digital and traditional channels? To what extent has the COVID-19 pandemic altered consumer perceptions and preferences? This study will explore all of these issues and more.

 

Research Objective

This study evaluates the consumer perspective on both contemporary and emerging digital-banking channels, as well as current usage of traditional banking channels.

Research Design

National survey – The survey will include 2,000 online interviews with consumer financial decision makers age 18 or older.

Questionnaire Review

Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is March 4, 2022.

Project Report

The final report, available in late May 2022, includes a Strategic Insights commentary and executive summary, a Competitive Intelligence section, and full survey results section.

Competitive Intelligence

A profile of overall financial activity for a number of the top financial institutions identified as the respondent’s primary financial institution or the issuer of the respondent’s primary credit card will be included as part of the project report.

Webinar

A project webinar is offered to all sponsors of the study. Private project webinars will be offered to full program sponsors at no additional cost. Customized private webinars involving a specialized focus or additional analysis will be offered at an additional cost

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