Not long ago, consumers changed banks mostly because they were angry at their current provider, but consumers’ attitudes have softened and their switching triggers are evolving.
Today, Novantas, Inc. released the 2014 edition of its Multi-Channel Customer Research survey, revealing crucial new insights into how consumers are interacting with bank branches and ATMs versus electronic banking channels.
Many banks offer checking accounts that are free as long as you have a direct deposit, pay a few bills using online bill pay, or swipe your debit card a minimum number of times a month. Compared to men, women are more comfortable completing these types of various activities in order to avoid fees.
Millennials are the largest segment of consumers shopping for checking accounts. In fact, roughly 40% of those looking for a new bank or credit union are under 30 years old.
The low interest rate environment has created increased pricing competition for popular consumer loan products.
Novantas, Inc. announces a major new release of the StrataScape platform, which enables banks to make strategic and tactical decisions with their networks.
As banks prepare for the next round of stress tests, they face several tech-related challenges, including broadening the exercise to include detailed modeling of deposits and meeting regulators’ demands for ever-greater documentation.
Consumers shopping for new checking accounts are more demanding than ever. And it’s not just Millennials. Everyone expects more from their next banking provider.
Futuristic concepts, talked about for upwards of a decade, are becoming reality as financial institutions give their bricks and mortar digital makeovers.
Novantas releases the Vintage Analytics module and enhanced reporting to meet the growing demands of regulatory reporting and transparency in governing deposit portfolios.