What is the future of the banking sector and how will savings management change after the coronavirus emergency? Digital payments, home banking, online account: it seems that the pandemic has accelerated the digitization and the shift of consumers from branches to alternative channels.
The study “Retail Banking in the New Reality”, a survey conducted from 13th to 27th April and published by the Boston Consulting Group, proves it. The aim of the survey is to investigate consumer behavior and needs, but also to intercept the changes that the lockdown phase has brought, and will bring, in their habits.
According to the data of more than 5,000 respondents in 15 markets, 24% of consumers plan to less use branches or stop visiting them even after the pandemic. The digital revolution is on its way and services such as the online account are advancing rapidly, especially among young people. Among the consumers who have shown more confidence in online banking channels there are the so-called Millennials and Generation Z. According to the study, 44% of respondents aged between 18 and 34 years old enrolled in online or mobile banking for the first time.
But which countries are the most active on digital channels? According to the Boston Consulting Group, Italy is second only to Singapore. If the branch is not accessible, 58% of Italians said they are ready to open an online account and 27%, above the global average, plan to reduce or stop using the branch even when the crisis is over.
During the lockdown the progressive increase in the use of digital tools and channels has shown consumers that there are alternative solutions to manage their savings safely, contact our experts to choose the one that best suits your needs.