Personalization’s Advantage Over Competitors For Digital-First Banks


Online banking will become more valuable. Customers say they expect 61% of their banking activity to be digital by 2024, with the biggest increases coming from more transactions made possible by ATMs and mobile devices. The fact that more than 3,000 physical branches will close in the United States in 2021 is what has led to this projection.

According to NCR, Experience-Oriented Digital-First Banking will be available by October 2022. Learn how personalization and automation technologies are changing the way we conduct business and how these tools could help SMBs survive.

Personalization of the banking experience might be one of the incentives for converting to digital-first and mobile banking. Digital banks have a fantastic possibility to win consumers by becoming more specialized and customer-focused, even though the branch won’t entirely disappear.

When it comes to digital-first banking

Banks are launching specialized app dashboards and customized data for users of online and mobile banking. These contemporary dashboards provide up-to-date data.

Rapid access to frequently used features and account information makes the mobile customer experience easier and more useful.

Additionally, 29% of banks presently use proactive notifications to inform customers when their cash balances are low or they may be at danger of overdrafts. Customers are kept informed and current as a result. Users can segment their cash flow in over half of mobile applications in order to monitor their spending habits or revenue sources.

A recent study found that even while just one in ten people solely bank there, interest is rising across a variety of categories who find digital-only financial institutions to be better in line with their needs. In the next 12 months, using digital banking is expected to be very high or extremely high on the list of interests for 57% of millennials and bridge millennials.