How Consumers Are Using Digital Banking
VSoft Corporation recently conducted a survey to see how consumers are using digital banking services. They found the top five activities include:
- Make balance inquiries (81%)
- Pay bills online (72%)
- Transfer money (60%)
- Search for branches/ATMs (45%)
- Contact customer service (37%)
The study, which ran online from October 29 through November 2, 2015, surveyed 2,000 U.S. adults 18 and older. VSoft found 99% of the respondents said their financial institution offers digital banking, and 88% said they use at least one digital banking service.
Another key finding is that 72% of consumers who use digital banking are using it to pay bills, which coincides with the movement towards non-cash transactions.
“The continued growth in electronic and mobile payments along with the fact that Millennials–the largest and most tech-savvy generation in history–are maturing into adulthood, financial institutions are under immense pressure to keep pace with digital banking services as well as consolidate these channels to ensure a superior experience,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “Because most banks and credit unions offer some kind of digital service, this is even more imperative to differentiate among competitive institutions.”