Consumers are adopting digital banking at a faster pace than ever before.
Over 45% of respondents to a recent survey identified mobile banking as a top 3 factor in selecting a bank or credit union. And 80% of the survey’s respondents who have used mobile banking say it’s their primary method of accessing their accounts.
This trend away from the branch and toward digital banking has accelerated noticeably during the pandemic. Research from Boston Consulting Group found that 24% of consumers planned to reduce or abandon their use of branches, while more than half of consumers reported increased use of digital banking applications since the start of the pandemic, with 87% saying they intended to maintain that higher level of usage over the long haul.
This pivot toward digital offers opportunities – and some challenges – for credit unions, which have largely built their reputations for providing exceptional service and trusted advice on the foundation of a network of brick-and-mortar branches.
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