Among some of the most relevant 2021 digital banking trends, account holders today want to avoid face-to-face contact. However, they still desire convenience and speed. Thus, digital banking is the new reality.
The move to digital had already been well underway for sometime, especially with younger consumers. The past year, however, has seen an accelerated trend, particularly among older users in response to COVID-19 social distancing regulations. In fact, more than 5.6 million credit union members signed up for digital banking in 2020. To put this number in perspective, the growth in the past year could have, without the influence of COVID-19, taken as much as ten years to occur.
Indeed, there is no doubt that digital banking has risen tremendously over the past year. As such a foundational part of the account holder banking experience, it's important for financial institutions (FIs) to understand some of the 2021 digital banking trends that will influence their decisions.
2021 digital banking trends
The most important change for FIs post-COVID-19 has not been what account holders want and need. What has changed is how they want to receive those services (quickly, efficiently and at any time of the day). For instance, account holders are now looking for instant payment systems. They aren't just interested in paying bills. They also want to be able to pay their friends and share checks in restaurants. They prefer automatic savings and investment applications too.
However, account holders don't just want these kinds of services - they expect their financial institution to nudge them into using them. In other words, account holders expect a seamless digital experience featuring automation and real-time payments. But they also expect it to be coupled with a personal and trusting relationship with their financial institution. Thus, FIs are working hard to find new ways to meet the following 2021 digital banking trends.
Post-pandemic, online payments are no longer sufficient to draw in new account holders. While people do want to pay their bills online, they also want reminders when payments are due. They also expect a heads-up from their FI that can give them opportunities to save money or purchase a sought-after item.
The Larky Nudge® engagement platform gives FIs the chance to compete with their larger competitors. By providing real-time and real-place lock-screen notices to account holders looking for specific products or services, Nudge® works to provide a seamless private-labeled account holder engagement platform. It enables financial institutions of every size to automatically deliver suggestions for the right products at the right time and place.
Account holders overwhelmingly prefer a primarily digital experience with their FIs. But, they still want and expect a personalized experience. Automation can actually contribute to meeting this expectation by bringing on features like daily account updates and personal account trends.
Larky Nudge® can help with this personalization by giving account holders real-time lock-screen notices keyed to each individual's needs and current location. This level of personalization offers immediate value to account holders, showing them that their FI acts with their best interests in mind.
Digital banking is the new normal
More than 80% of respondents to a recent financial survey noted that they prefer to bank online. Therefore, it's clear that digital banking is no longer the future. It is the present. Financial institutions of all types and sizes - whether small credit unions or large multi-national banks - must be prepared to participate in this new reality full of 2021 digital banking trends.
The Larky Nudge® engagement platform can help FIs offer personalized digital experiences to all of their account holders. Reach out to Larky to schedule a demo and learn more.