The branch has lost its crown as the primary channel customers use for their everyday banking activities, but many banking executives worry that this means they will lose the opportunity to engage with their customers. As consumers increasingly prefer to interact digitally, can financial institutions find ways to reinforce or reposition their brands, demonstrate to customers that they care about their communities, and help customers improve their financial well-being? Aite Group’s latest report, Financial Wellness: The New Digital Engagement Strategy, examines how and where consumers interact with their financial institution, areas in which consumers have financial anxiety, and consumer interest in using a virtual financial coach.
“The financial institutions that win customers will be the ones that invest in creating engaging digital experiences that allow consumers to take control of their finances and learn how to meet their financial goals,” explains Tiffani Montez, senior analyst at Aite Group.
This report, commissioned by FIS, explores consumers’ financial attitudes, what channels consumers prefer to use for different banking activities, their willingness to get real-time guidance and advice through digital channels, and their willingness to learn how to improve their financial health. It is based on a Q1 2020 Aite Group survey of 2,413 U.S. consumers at least 24 years old.
To request a press copy of this report or to speak with Tiffani Montez about this topic, please contact us at pr@aitegroup.com.
