PROVIDENCE – The COVID-19 pandemic has made consumers and business owners even more reliant on digital banking, though top asset-holders and small businesses still prefer in-person expertise and advice, according to a new survey from Citizens Bank published on Wednesday.
Roughly half of consumers and three-quarters of business owners surveyed through the bank’s inaugural Banking Experience Survey said the pandemic has changed the way they interact with their bank or financial institution, driving a shift to more online and mobile banking that will likely last after the virus runs its course, according to the survey. Despite an increasing reliance on digital banking, a majority of both consumers (65%) and business owners (74%) maintain that in-person financial advice is still needed.
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“Despite the shift to digital banking, it’s clear that personal interaction remains important to customers, so financial institutions must find ways to serve them seamlessly in their channel of choice,” Beth Johnson, Citizens’ chief experience officer said in a statement.
Small businesses – defined in the survey as those with revenues below $25 million – and customers with over $2 million in investable assets are particularly interested in continuing some form of in-person banking, citing trust, safety and security as reasons for their preference for face-to-face services.
The survey also highlighted ways that financial institutions can adjust and expand services to accommodate a permanent shift toward more digital banking. For consumers, Citizens recommended automated tools that offer insights on spending habits, as well as virtual video channels to better replicate in-person advice on major decisions like buying a home or retirement planning.
Business leaders also expect more technology-driven tools from their banks, including improved mobile banking platforms, virtual assistants to manage company finances and secure mobile and online treasury management platforms. However, the No. 1 deciding factor in evaluating a banking partner – named by business leaders surveyed – remains the ability to support a business through its lifecycle with services and strategic advice.
The survey reflects results of global market research firm Mintel’s study of 1,091 consumer and 252 business leaders nationwide.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
