financial technologyresearch report

Digital Banking Report 2021 From Mobiquity

The following is the Digital Banking Report 2021 From Mobiquity recommended by recordtrend.com. And this article belongs to the classification: research report, financial technology.

About half of U.S. banking customers under 55 (49%) think it’s easier than ever to change banks. But what drives these young customers to change banks? Mobiquity analyzes this in its latest report.

Convenience has become the driving force of many customer behaviors, including how people go to the bank. Most U.S. banking customers under the age of 55 (81%) agree that they like to visit their bank accounts and complete transactions at the time that suits them best. Convenience is undoubtedly a factor for these young consumers to change banks. About 70% of consumers said that they changed banks to get the best overall experience.

While most respondents have not made any changes to their bank accounts in the past year, some have made changes to their checking (11%), savings (11%), investment (14%) and mortgage (17%).

Younger customers seem to be more willing to change than older customers. In fact, the data show that younger customers are less likely than older customers to rate their overall satisfaction with the banks they currently use as very satisfied / satisfied, and they are also more likely to change banks in the next 12 months.

Less than half (46%) of bank customers under 55 are willing to change banks for better digital functions, while just over a quarter (27%) of bank customers over 55 are willing to do so.

Although the primary reason for these two groups to change banks in the future is better conditions, customers under 55 are more likely to be due to digital experience than those over 55, such as easier to use mobile applications (35% vs 30%), digital authentication (34% vs 32%) and digital wallets that allow mobile payment (27% vs 24%).

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