The BAI Banking Outlook provides insight into changing banking consumer behavior and the areas where financial institutions may need to adjust their strategies. Based on research involving both consumers and financial services leaders, the study highlights emerging trends involving Millennials, peer-to-peer payments, digital banking, and the evolving relationship between customers and their financial institutions.
One particularly important issue is the gap between what consumers say they are willing to do digitally and their actual behavior. While many customers indicate they are comfortable opening bank accounts online, fewer ultimately complete the process digitally, creating an opportunity for financial institutions to better understand and address the barriers preventing adoption.
On this episode of the PaymentsJournal Podcast we talk with Karl Dahlgren, Managing Director at BAI about their recently published BAI Banking Outlook. In our conversation we cover topics such as:
- Who participated in the survey
- Top takeaways from the outlook
- How Millennial’s behavior is changing the industry
- What opportunities present themselves with P2P
- Identifying the biggest gaps between consumer and financial service leaders survey responses
- Why is there such a big disconnect between customers willing to open an account online and customers actually opening an account online
The BAI Banking Outlook illustrates how rapidly changing consumer expectations are creating both opportunities and challenges for financial institutions. Millennials and growing adoption of P2P payments are influencing how consumers interact with financial services, while digital channels are becoming an increasingly important part of the banking relationship.
Understanding the disconnect between consumer expectations and actual behavior will be essential for banks seeking to improve their digital strategies. The BAI Banking Outlook can help financial institutions identify these gaps and better align their products, services, and digital experiences with the changing preferences of their customers.
The announcement of the BAI Banking Outlook can be viewed here
If you are interested in viewing the webinar further discussing the BAI Banking Outlook you can do so here
If you are interested in being on the podcast please reach out to us at [email protected]
