2021 Digital Banking Trends
- Date:December 09, 2020
- Author(s):
- Mark Schwanhausser
- Emmett Higdon
- Report Details: 13 pages, 2 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- Mobile & Online Banking
- PAID CONTENT
Overview
Within months of the dawn of a new decade, the COVID-19 pandemic forced the banking industry to fundamentally rethink its traditional reliance on branches and the role of digital channels. Virtually overnight banks and credit unions were forced to lean more heavily on online and mobile banking and find a substitute for face-to-face interaction. Many FIs saw customer satisfaction plummet as the stress test exposed weaknesses in digital banking, customer service, money movement, account opening, financial fitness, and more.
The challenges brought on by this historic upheaval are no less daunting in 2021. Digital banking strategists face historic uncertainly about the extent to which consumer expectations and banking habits will be forever altered – and how this will reshape the balance between branches and digital channels. In particular, the pandemic has heightened the pressure on FIs in three key ways -- to develop new and better ways to help consumers monitor and manage their finances, to deliver personalized advice in digital channels, and to better satisfy the next generation of consumers.
Learn More About This Report & Javelin
Related content
Why Banks Need a Mobile Homepage Makeover to Drive Satisfaction and Engagement
A homepage that makes an app easier to understand and navigate is critical to mobile banking success. Search and virtual assistants will one day provide concierge-like navigation a...
Onboarding Small Businesses: Common Failures Lead to Missed Opportunities
For banks serving small businesses, securing a new checking account is rightfully celebrated as a win. However, many FIs stumble in the crucial post-application phase, failing to e...
Reimagining Branch Appointments for Digital-First Customers
To increase the odds of connecting with customers in person when it matters most, innovative banks are rethinking how they position their branches within digital banking. One trend...
Make informed decisions in a digital financial world