Banks have been working to expand their digital footprints. But are they keeping up with what customers want? It might depend on whom you ask. Our annual Digital Banking Survey has some real surprises in the speed at which customer behavior is changing. We sat down with PwC partners Catherine Zhou and Ashish Jain to discuss our findings and what might lie ahead.
PwC’s 2017 Digital Banking Consumer Survey offers valuable insights about the changes in consumer banking behavior.
The biggest surprise is the rise of a very specific group that we at PwC are calling “omni-digital.”
This new segment of consumers use a combination of digital-only channels, such as mobile phones, PCs, and tablets to interact with their financial institutions. Our survey shows that 46% of consumers now interact via digital form only, skipping physical channels altogether. This represents a huge jump from the 27% share we saw in 2012.
Hardly. In fact, 62% of our survey respondents still said they felt it was important for their bank to have local branches. Branches are still an important channel for a variety of services. However, for many consumers, the frequency of branch visits has been sliding from “a few times a month” to “a few times a year.”
At the very minimum, it’s a wake-up call for many US financial institutions. They may think that they’ve got more time to adapt than they really have. To keep pace with what customers want, banks will have to do a much better job of:
There isn’t a one-size-fits-all approach for any bank, but there are tactical considerations a bank can make right now to prepare for the future.
PwC's David Schiff and Dean Nicolacakis explain omnichannel challenges and what are the solutions.
PwC's Catherine Zhou discusses digital core transformation, human capital, and customer interactions in financial institutions. Financial institutions will have to deal with some substantial issues in 2017, and these fundamentals are necessary to perfect in the coming year.
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