By Fiserv - Expectations and Experiences: Channels and New Entrants

Consumers Are Open-Minded

People depend on digital channels to manage their financial lives, but they continue to visit the branch. Those who use digital solutions – including new innovations, such as voice-activated banking – are using them more than ever. And consumers are increasingly comfortable with using new kinds of nonfinancial providers to complete different types of transactions. Put simply, they’re open to anything, so long as it keeps pace with their lives. Highlights include:

  • More than half (56 percent) of consumers prefer to interact with their financial organizations via digital, compared to 34 percent who prefer branch interactions.
  • Only 15 percent of people express interest in banking via voice-activated devices. However, current users significantly increased their usage from 2017 to 2018 (from 7.7 to 11.2 transactions per month).
  • Consumers’ comfort with using nonfinancial companies to perform banking functions has increased. For example, in 2017, 40 percent of people said they would be comfortable using a technology company to pay bills as compared to 55 percent in 2018.

For more information on how people manage finances and attitudes toward new providers, download the consumer trends research report, Expectations & Experiences: Channels and New Entrants.