TimeTrade SilverCloud releases ‘Digital-First Banking Trends Report’
TEWKSBURY, MA (May 19, 2021) — TimeTrade SilverCloud, the industry-leading provider of customer engagement solutions, today released its “Digital-First Banking Trends Report,” examining customer engagement trends with banks and credit unions over the span of the first year of the pandemic from March 2020 through March 2021.
The report is based on usage data of 400+ financial institutions utilizing the customer self-service and appointment scheduling solutions supported by TimeTrade SilverCloud. Key findings include:
- Self-service activity on bank and credit union websites increased 69%;
- Usage of self-service content on mobile banking apps increased 82%;
- Chatbot usage on bank and credit union websites and mobile apps increased 272%;
- Pre-scheduled appointments per branch increased 79%; and
- Business banking and retail banking appointments saw the greatest year-over-year growth in scheduling.
“To accommodate changing consumer behaviors and preferences, banks and credit unions are pursuing a Digital First strategy that includes delivering self-service content and functionality,” said Bill Clark, CEO of TimeTrade SilverCloud. “The pandemic restrictions of 2020 changed consumer expectations, and banking customers turned to digital channels to conduct everyday – but essential – tasks. The increased demand for self-service in digital banking sustained the initial spike, and has persisted one year later, indicating a marked change in how people choose to interact with their financial institution, even as restrictions begin to be lifted. As banks and credit unions contemplate their customer experience strategies, self-service content, robust digital journeys, and seamless scheduling capabilities will be paramount to their success.”
Read TimeTrade SilverCloud’s “Digital-First Banking Trends Report” report here.
About Engageware
Engageware (formerly TimeTrade SilverCloud), provides industry-leading technology and expert know-how to help organizations better engage their customers. Trusted by more than 500 organizations, our self-service, appointment scheduling, and knowledge management solutions – combined and integrated with those of our market-leading partners - make it easy for customers to answer their questions quickly, connect to the right resources when scheduled expertise is needed, and get a consistent, efficient experience when help from a representative is required. Organizations that use our customer engagement solutions deliver quality customer experiences no matter the channel — enabling faster growth with greater efficiency. For more information, visit engageware.com
