Reinventing Digital Banking: Delighting and Increasing Value for Consumers

Report Summary

Reinventing Digital Banking: Delighting and Increasing Value for Consumers

Do consumers want digital banking, and how likely are they to adopt it?

David Mattei
Strategic Advisor

Boston, August 31, 2021 – Paper receipts are the norm for in-store point-of-sale systems. However, digital receipts in online banking or a mobile banking app hold the promise of providing consumers a new experience as they increasingly adopt digital banking. The world is increasingly becoming a digital one. Some merchants have taken the first step into digital receipts by offering electronic delivery via email, text message, or a merchant app. Implementations of digital receipts are spotty at best and do not consider integration opportunities with financial institutions. They lack a cohesive vision of what they could become.

This Impact Report provides perspectives on consumer’s attitudes on digital receipts, engagement of rewards and loyalty offers, and online banking and mobile apps. It also explores collaboration opportunities for both FIs and merchants to build an ecosystem that transforms and improves the digital experience for consumers and to influence future business strategies. In a research study commissioned by Ethoca, a Mastercard company, Aite Group conducted a survey of 3,061 consumers in the U.S., the U.K., and Germany (approximately 1,000 consumers in each country) in February and March 2021.

This 25-page Impact Report contains 12 figures and two tables. Clients of Aite-Novarica Group’s Retail Banking & Payments and Fraud & AML services can download this report, the corresponding charts, and the Executive Impact Deck.

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This report mentions Clover and Square.

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