What Retail Banks Must Do to Remain in the Game? 2016 | EY

Digital Marketing Researches & Reports

The Relevance Challenge, 2016 | EY

Consumer Behavior | Global

Retail banks are the digital division of the bank that deals directly with retail customers, offering them the real-time financial advice and convenience they increasingly expect, With the right technology investments, they can streamline operations and compliance.

Read the below and gain a deep understanding of customer preferences and behaviors, and also their attitudes toward new emerging competitors that increasingly challenge traditional banks:

  • 75% of respondents still consider the traditional bank with branches to be their PFSP (primary financial services provider).
  • 48% of respondents globally have complete trust in PFSP that it’ll keep their money safe, the highest rate was in Nigeria (71%).
  • 40% express both decreased dependence on their bank & increased excitement in what alternative companies can provide.
  • Respondents reported that finding both a great digital presence (66%) and a physical presence (66%) is very important in their bank.
  • 62% of respondents said that it’s important to be able to switch easily between different ways of interacting with a bank.
  • 42% have used nonbank providers in the last 12 months, and 21% haven’t yet used them.
  • 42% have used digital-only, nonbank financial products and services in the last 12 months, and 21% haven’t yet used them.
A Figure That Shows The Digital and Financial Maturity. Retail banks are the division of a bank that deals directly with retail customers. It's some kind of change in the financial services industry. Find out more about digital banking in the Digital Marketing Community.

A Figure That Shows The Digital and Financial Maturity.

Methodology:

Data were driven from more than 55,000 consumers across 32 countries around the world.

EY

Founded in 1989, EY is a global leader in assurance, tax, transaction, and advisory services. EY plays a critical role in building a better working world for its people, for its clients and for its communities. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
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