The Rise of Digital-First Banking

The newest Aite Group report finds that post-pandemic, digital-first will be the new norm in banking. 

Boston, June 9, 2020 — Over the last decade, U.S. financial institutions have been focused on migrating consumers from the higher-cost physical distribution points—branches and call centers—to digital channels—online and mobile. While many consumers crown digital as their everyday banking channel, many FIs still struggle with migrating certain banking activities. The Rise of Digital-First Banking, the latest Aite Group report, examines how consumers will become digital-first regardless of generation, whether FIs are ready or not, now that the COVID-19 pandemic has changed the way consumers interact in every area of their lives.

“The COVID-19 crisis is pushing the digital adoption and usage trajectory to full steam ahead,” states Tiffani Montez, senior analyst at Aite Group. “Digital-first banking is the new norm, and now more than ever, it is important for FIs to build a new digital experience and optimize existing digital processes to reduce friction,” she explains.

This Impact Report explores digital banking and payment adoption, what channels customers use to perform banking activities, and the reasons why consumers use branches and call centers instead of digital. This report is based on a Q1 2020 Aite Group survey of 2,413 U.S. consumers 24 years of age or older.

To request a press copy of this report or to speak with Tiffani Montez about this topic, please contact us at [email protected].

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contacts:
Siobhan Scanlan
Public Relations
[email protected]

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