This is an excerpt from Digital Banking: Post COVID-19, Digital CX Banking Report by the Digital CX Group.
Digital CX Group
Frank Bria, CEO/President, Chief Analyst
Tery Spataro, Principal Researcher, Report Producer
Philip Ryan, Content Strategy and Creation
Research approach: A survey was used and comprised of quantitative and qualitative questions, and storytelling. Respondents explained their attitudes, behaviors, needs, and preferences.
Society has been transformed by the Covid 19 pandemic and the ensuing restrictions on behavior. Every aspect of our lives has been altered in fundamental ways that would have been unthinkable a year ago. Consumers have adapted to digital forms of work, school, socializing, and shopping not through choice, but from necessity, the most tech-averse among us were suddenly compelled to navigate digital systems that in many cases were woefully unprepared for a surge in usage.
The Covid-19 pandemic may seem endless, but it won’t last forever. What will happen to those digital customers businesses have become accustomed to serving? Will they revert to pre-pandemic behaviors, or has their behavior been permanently altered? This crucial question for financial institutions is what we set out to answer in this report.
The Digital CX Group surveyed 503 customers of financial institutions in the first weeks of June 2020. We identified three groups of bank customers:
- Traditionalists, who are generally content with their way of banking.
- Trailblazers, eager to try new products and services
- Transformers, who fall somewhere in between.
While the majority of Traditionalists and Trailblazers enjoy stable relationships with their financial institutions, most Transformers do not. They feel overlooked, and do not trust their institutions to provide them with financial advice—advice they sorely need. Financial institutions have a great opportunity with Transformers. For example, the appetite for mobile banking services exceeds usage, and saving money is the Transformers’ greatest concern.
Banks that can meet these needs can change Transformers into a more stable customer. Banks that fail to meet these needs will lose these customers to competitors.
It is important to note that the survey launched during the timeline of the coronavirus. Attitudes and behaviors will be influenced by this very traumatic and evolving situation.
The survey was launched on June 5, 2020, COVID-19 Day 137 since the first documented case in the U.S.
- 503 respondents completed surveys by June 12, 2020, COVID-19 Day 144 since the first documented case in the U.S.
- Respondents answered a total of 50 questions. The full report identifies demography, psychographics, banking needs and desires, bank product usage, and key themes.
To get a copy of the complete overview and full report please visit the Digital CX Group.