Six out of 10 customers don’t plan to return to bank branches after the COVID-19 pandemic recedes, instead favoring digital banking. But simply offering digital banking services doesn’t guarantee that customers will stay loyal to their bank, says Adam Swinemar, vice president of digital channels...
Financial institutions (FIs) are beginning to see the light at the end of the tunnel for bouncing back from the pandemic, but the crisis has not been without its casualties. Banks have been forced to reduce or suspend in-branch activities to prevent the risk of...
Without the local branch to visit, financial institution (FI) customers were suddenly thrust into the world of digital and online banking. PYMNTS’ most recent Digital-First Banking Tracker revealed a whopping 200 percent increase in new mobile banking registrations last April, as the pandemic removed the ability to...
Despite the surge in mobile payments and online banking, no one is predicting the disappearance of traditional banks and their brick-and-mortar branches. But one thing is clear: Americans would be willing to dispense with their local bank and make Amazon, Apple or Google their primary...
Customer onboarding and account opening is vitally important for banks to get right, as the processes kick off customers’ relationships with a given financial institution (FI). The ongoing COVID-19 pandemic has forced many of these onboarding processes and interactions online as customers limit their physical...
Wealthfront, the online investment service firm, has added checking features to its app. The Palo Alto, California startup said the no-fee account is the company’s latest move to build a next-generation banking service that is branchless, automated and optimizes every dollar. “Our clients are anxious...
Consumers are embracing digital banking amid the pandemic, with many signing up for the first time. But time-consuming onboarding procedures that require extraneous details lead as many as 40 percent of customers to abandon the onboarding process. In this month’s Digital-First Banking Tracker, PYMNTS speaks...
Digital banking has become the new normal as social distancing guidelines and stay-at-home orders have drastically curbed financial institutions’ (FIs’) abilities to conduct in-branch services. Online account openings increased by more than 200 percent in April, while all mobile banking traffic rose by 85 percent....
In one of the signs of where we are and where we are headed in the warp-speed transformation of digital banking, consider the internet meme that poses a multiple-choice question and series of answers. “Who led the digital transformation of your company? A) CEO B)...
