Forrester report on how digital technology is changing how we bank

“’The past two years of the pandemic have fast-tracked digital behaviours and redefined how customers engage with their banks,’ says Forrester senior analyst, Aurelie L’Hostis. ‘Still, the ‘death of cash’ has once again been exaggerated. One thing for sure is that digital channels now dominate.’
According to Forrester analytics data, in 2021, 76% of Spanish banking customers used their mobile banking app at least monthly, and 34% of UK online adults who applied for a loan in the past 12 months did their research on a smartphone. While digital (online and mobile) is now the top channel for US borrowers to purchase home loans.
According to the Financial Conduct Authority, 8% of current personal accounts are now held with a digital ‘challenger’ bank, up from just 1% in 2018.
In 2021, Nubank, one of the world’s largest digital banks, which targets the underbanked in Latin America, grew its customer base by 62%, taking the total to 48 million in Brazil, Mexico, and Colombia.
Forrester found that technology strategies and lack of resources impede banks’ efforts, with 25% of decision-makers at banks saying their company’s technology strategy is among the most significant challenges to executing digital transformation.”