Customers Want FIs That Deliver In-Branch and Online Hybrid Financial Solutions

Consumers consistently prefer financial institutions (FIs) that offer a wide menu of digital solutions to deliver the frictionless payment experiences they expect, but a healthy share — a surprisingly sizable number in the millennial and Generation Z demographic — are easing off the digital accelerator, instead favoring a hybrid mix of online and face-to-face interactions.

In this May edition of the Digital-First Banking Tracker®, PYMNTS explores how a growing base of FI customers — especially younger customers embarking on their financial journey — are seeking in-person, tailored advice to help place them on a path to financial wellness and security.

Around the Digital-First Banking Space

As consumer financial stress levels spike with rising inflation, banks are falling short on helping customers manage their top priorities: saving time and money. Only 44% of those surveyed said they felt their banks were delivering on these key customer-satisfaction metrics.

Four in 10 Americans say that new digital banking tools are empowering them to take better control of their finances. Surprisingly, though, respondents under the age of 35 said they prefer a mix of digital and in-person banking, while older respondents were more likely to prefer using digital banking tools exclusively.

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FIs Shift to Create the Hybrid Banking Sweet Spot

Becoming the financial wellness partner customers want requires offering them a combination of “must-have” digital payment technologies that deliver the speed and convenience they demand combined with across-the-desk, tailored advice they desire. In a recent interview with PYMNTS, Stuart Cook, chief product officer for Valley Bank, detailed the importance of offering holistic financial wellness experiences and how it helps FIs forge long-term bonds with customers. To learn more about how FIs are integrating cutting-edge digital payment technologies with the human touch, visit the Tracker’s Feature Story.

FIs Emerge From the Pandemic as Human-Touch Financial Wellness Partners

Rumors of the demise of in-branch banking appear premature. Instead, customers are increasingly seeking FIs that can deliver a hybrid experience that features across-the-desk counsel from advisers who can partner with them to craft a personalized roadmap to increase their wealth and repair their financial houses. To learn more about how FIs can blend digital tools with one-on-one, personalized advice and counsel to feed a growing hybrid appetite, visit the Tracker’s PYMNTS Intelligence.

About the Tracker

The Digital-First Banking Tracker®, a PYMNTS and NCR collaboration, examines how a growing base of FI customers — especially younger customers embarking on their financial journey — are seeking in-branch, in-person, customized advice to help put them on a path to financial wellness and security.