Big shifts in consumers’ expectations are transforming the way people interact with their banking providers. A new report from FIS reveals five big ways the banking experience is changing.
Every year, FIS fields a study examining how well banking providers are meeting consumers’ needs. Researchers ask people to rank the importance of nine key attributes like “trust” and “security”, then score their primary banking provider’s performance in those areas.
The findings, which FIS packages into its annual “Performance Against Customer Expectations” (PACE) report, shed light on a number of key trends that reflect just how quickly the banking industry is changing. Here are five big themes that emerged from this year’s report.
1. Your Main Branch is Now The Mobile Device in Consumers’ Back Pocket
The results of the PACE study show that digital self-service is a high priority for consumers under the age of 53. All generations except Baby Boomers — from young Millennials through Generation X — now prefer the mobile channel.
2. David vs. Goliath: Smaller Institutions Finally Catching Up With Megabanks’ Digital Capabilities
In its PACE report, FIS says that “feature parity is here.” According to FIS, community banks and credit unions that roll out features like P2P payments are seeing rapid adoption of such digital banking solutions.
3. Welcome to the Age of ‘Helicopter Banking’
As this year’s PACE findings show, banks face the daunting challenge of meeting their customers’ expectations to be always-on, to remain distant but always be accessible, to be a trusted long-term advisor and to be there in the exact moment of need.