Consumers are embracing digital banking amid the pandemic, with many signing up for the first time. But time-consuming onboarding procedures that require extraneous details lead as many as 40 percent of customers to abandon the onboarding process. In this month’s Digital-First Banking Tracker, PYMNTS speaks...
Digital banking has become the new normal as social distancing guidelines and stay-at-home orders have drastically curbed financial institutions’ (FIs’) abilities to conduct in-branch services. Online account openings increased by more than 200 percent in April, while all mobile banking traffic rose by 85 percent....
In one of the signs of where we are and where we are headed in the warp-speed transformation of digital banking, consider the internet meme that poses a multiple-choice question and series of answers. “Who led the digital transformation of your company? A) CEO B)...
Great idea, perfect timing. That about sums up the enviable position in which digital-first banking finds itself post-pandemic, given the mass epiphany of the past three months: you don’t have to physically go near a bank to access the most advanced banking features available. “Consumers...
Americans are known the world over for many things, but financial literacy isn’t one of them. We’re not known for being a nation of expert money managers. GoBankingRates offered up a six-question money quiz a bit back to the public to let consumers test their inherent knowledge of financial...
Banks worldwide are undergoing digital transformations to provide the latest and most advanced services and technologies to their customers, such as remote loan applications, video tellers and biometric-enabled ATMs. These tools are not developed in a vacuum, however. They require cooperation from FinTechs and other...
While APIs have played a critical role in enabling digital-first banking experiences, their rollout is not always smooth. A lack of standardization often poses obstacles to partnering banks and FinTechs. In this month’s Digital-First Banking Tracker, Christoph Berentzen, head of API banking at Commerzbank, discusses...
The global financial space has been severely impacted by the ongoing COVID-19 pandemic, with social distancing and stay-at-home guidelines preventing customers from visiting bank branches to access the services they need. Financial institutions (FIs) have been scrambling to bring these services to web and mobile...
The pandemic has accelerated the digital roadmap for everyone in financial services, giving rise to more innovation in the past few months than had been seen over the course of several years. And according to five observers across the spectrum of traditional financial institutions (FIs),...
