2020 Consumer Banking Report
2020 Consumer Banking Report
CATEGORY
Financial Services
DATE
Jan 7, 2021
Whether you’re a FinTech challenger or an established global bank, the landscape for finance has undeniably transformed, and with it, so have customer expectations. In this report, we unveil survey responses from 4,500 people across key banking regions, including the United Kingdom, United States, Hong Kong and Singapore to provide insights into customers’ evolving behaviors, expectations and motivations. Our experts uncover key findings that highlight the major shifts in banking consumption while providing next steps that neobanks and traditional banks can take to retain and attract new customers in a constantly evolving landscape.
Key
Statistics
50%
are reassessing their banking needs in response to COVID-19.
3%
use a neobank as their sole account.
40%
of 18-44-year-olds are open to innovation.
82%
are happy with their bank.
Trust
is a key decision factor, with 63% of participants citing trust as a reason for choosing their primary account.
Read our exclusive report to gain a rich and detailed understanding of today’s banking customers and learn answers to questions like:
- How satisfied are consumers with their banks and why?
- Which channels do today’s banking customers prefer?
- How willing are customers to switch banks and what would drive them to do so?
- Has COVID-19 impacted banking needs and attitudes and, if so, how?
- How are consumers responding to the growing number of new digitally-focused banks, or neobanks, in the market, and what are the implications?
- Where are the opportunities to deliver the next generation of banking services?
Get key insights to strengthen your customers’ trust and advance your technological innovation to deliver next-gen banking experiences.
"This report makes interesting reading. With 82% of customers satisfied with their current bank, this presents a challenge for the challengers. Findings show that most people still wouldn’t consider using their neobank as their sole account, but an increasing number use a neobank in combination – providing valuable insights and opportunity for neobanks and traditional banks alike.
The importance of trust and value-added services is evident; as is customers’ willingness to adopt new technologies and services such as AI and social media. It’s clear that a focus on winning millions of new accounts at great cost with just ‘bells and whistles’, while essentially not offering anything new in terms of proposition or value, will not be a sustainable nor a successful strategy for any bank."
Olivia Minnock
Editor, FinTech Alliance
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