Consumers are growing more comfortable and confident moving money in ways that bypass traditional financial institutions. People are still using the branch, but their expectations for how and when they use their financial institutions are changing.
That’s especially true for younger generations. Research from Raddon shows 44 percent of Gen Z (the generation born after 2000) anticipate supplementing traditional banking services with solutions from technology companies.
“Banks and credit unions are under pressure to function more like fintechs or face an erosion of market share,” said John Macaluso, SVP of business development, Bank Solutions, Fiserv. “As digital capabilities take center stage, financial institutions are turning their focus from simply facilitating transactions to playing a greater advisory role in peoples’ lives.”
How will banks and credit unions respond to the changes ahead? Here are three trends to watch in retail banking.
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