Description
Key messages
- The pandemic is continuing to reshape banking preferences and behaviors among US consumers. Digital banking—perhaps for the first time—may be contributing to overall satisfaction with banks, which remains quite robust overall.
- Our survey indicates that consumers will continue to use digital channels for simple transactional activities, but many consumers desire high-touch interactions for more complex products and services, such as mortgages and financial advice. Meeting consumers’ latent need for the human touch in digital channels is a real opportunity for banks.
- Younger consumers surveyed demonstrate a preference for both physical and digital channels. However, they are less satisfied with their primary banks, and they are also at a higher risk of switching. Generally, they are also more open to financial products from digital-only banks and large technology companies.
- Banks have a unique opportunity to influence customer preferences for digital channels, increase stickiness, and at the same time strengthen relationships. Banks should capitalize on the momentum in the use of digital and self-service channels and try to elevate customer experience with an innovative blend of human and digital features.
