Fascinating takeaways from this new #banking study from Cornerstone Advisors. 💡 Ron Shevlin's last point, in particular, is how we built our CXM platform - to address these urgent needs! ✅ Better connections to third-party apps (and provider platforms!) ✅ Executives needing more visibility and analysis into customer activity and trends. (it should include ecosystem partners, too) ✅ Turbocharged intelligence and tools from emerging #AI. (And the flexibility to swap in/out the best AI models for different uses!) We've worked with financial institutions & payment providers for a long time - we see the power of ecosystem connections and full visibility to transform operations. We get it! To learn more about how we help complex industries manage CX and service governance, visit 👉🏽 OvationCXM.com #finserv #banks #data #technology #customerexperience
The 2024 Digital Banking Performance Metrics study from Cornerstone Advisors, commissioned by Alkami Technology, is live! Some of the highlights: 1️⃣ 𝗦𝗽𝗲𝗻𝗱𝗶𝗻𝗴 For the second straight year, digital spending has nearly doubled. With the current focus on cost containment and reduction, it might be surprising to see this increase. 2️⃣ 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆 One measure of digital productivity is the number of users supported by digital channel staff. That metric dropped 50% between 2021 and 2023. 3️⃣ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 𝗢𝗽𝗲𝗻𝗶𝗻𝗴 Despite the heavy investment banks have made in opening checking accounts digitally, the % of new accounts opened in digital channels has dropped for the second straight year. 4️⃣ 𝗕𝗶𝗹𝗹 𝗣𝗮𝘆 For years, younger consumers have shunned using banks to pay their bills online, but even among consumers that do, the average number of bills paid through the banks is declining. 5️⃣ 𝗣𝟮𝗣 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 Only about one in 10 digital banking users makes P2P payments through their bank’s digital banking app. Among them, most banks saw just 1.5 P2P transactions per month. 6️⃣ 𝗠𝗼𝗯𝗶𝗹𝗲 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 Despite the downward trend in the number of checks written, since 2021, consumer adoption of mobile deposit is up 50% and the number of checks deposited tripled. 7️⃣ 𝗠𝗼𝗯𝗶𝗹𝗲 𝗣𝗮𝘆 Among the study participants that reported mobile payment usage, adoption grew from 22% to 34% year over year, with users making an average of five mobile payments per month. 8️⃣ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 The % of banks offering customer support through a chatbot grew from 8% in 2022 to 23% in 2023. What's going on with digital? ▶️ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗶𝘀 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗮 𝗰𝗵𝗮𝗻𝗻𝗲𝗹. "Digital" is no longer strictly about customer access and support—increasingly they’re about internal productivity improvement. This causes budgeting and prioritization issues in a lot of FIs. ▶️ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗮𝗿𝗲 𝗹𝗮𝗰𝗸𝗶𝗻𝗴. Fintechs and digital banks dominate new checking account openings—not because they’re digital, but because they offer a better digital product. Banks need to reinvent—or at least redesign—their core checking and payment accounts to meet consumers’ changing needs and expectations. ▶️ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗶𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗔𝗜. Banks’ digital banking platforms have made huge improvements over the past 10 years, but need a new refresh to enable better integration with third-party applications, provide bank execs with better insights on user activity and trends, and integrate emerging AI-based tools and capabilities. For a complimentary copy of the 2024 Digital Banking Performance Metrics report, click here: https://lnkd.in/e8rmZsNM #banking #digital #digitalbanking