The COVID-19 pandemic has only served to emphasize the importance of digital banking as account holders’ demands grow and shift in response to the new normal. Just as the 2008 financial crisis created unexpected changes in the industry, the need to bank in new ways, coupled with a need to respond to the economic uncertainty of the coronavirus, has set major industry changes in motion. In its annual ranking of the World’s Best Banks, Forbes illustrates how the already increasing consumer demand for seamless and innovative online banking experiences is only growing.
- In the U.S., Citigroup saw an 84% increase in daily mobile check deposits in May and a tenfold surge in activity on Apple Pay as quarantined customers used digital and contact-less tools to handle their financial activities.
- Further demonstrating these growing trends, Citigroup’s Mexican operations saw an 80% increase in mobile app logins in March. Downloads of its mobile app surged 116% from February to April, while digital bill payments rose 78%.
- Groups who haven’t traditionally adopted digital banking products are moving to the digital channel. Since the pandemic began, Brazilian digital startup Nubank saw a surge in customers over the age of sixty and in one month alone onboarded 300 clients above the age of 90.
These are only a few examples of accelerated movement toward the digital channel. Read more on how digital banking is leading industry growth trends.
Additional resources
Discover how Q2 delivers simple, smart, end-to-end banking and lending solutions for:
- Retail,
- Commercial, and
- Fintech customers.
Download Q2's COVID-19 FI Checklist: 10 Best Practices for a Pandemic Digital Enablement Package to learn strategies for helping account holders during these unusual times.
Learn about eight factors that shaped the market following the global financial crisis of 2007-2008.
