- “Most consumers are reaching for their phones or laptops first when it comes time to conduct routine financial tasks. PYMNTS data shows 70% of United States consumers at larger financial institutions (FIs) report this is the case.
- 41% of individuals in the same report stating mobile as their preferred banking channel of choice.
- 478 million households will count as “smart homes” by 2025 — filled with devices they will increasingly tap for banking and payments.
- 31% of U.S. consumers now have voice-activated speakers in their homes, for example, with a rising number of these owners making use of the devices for payments.
- 35.3 million wearable payment devices were sold in the first half of the year, indicating significant interest on the part of consumers.”
About the Tracker
The Digital-First Banking Tracker®, a PYMNTS collaboration with NCR Corporation, is your go-to monthly resource for updates on trends and changes in digital-first banking.
– “Temenos partners with Silicon Valley-based Mbanq to power innovative Credit Union-as-a-Service (CUaaS) offering for US Credit Unions, a market estimated at $3.6bn annually
– Mbanq’s CUaaS, powered by The Temenos Banking Cloud, enables Credit Unions to gain faster time to market with cutting-edge digital financial services for members at a reduced total cost of ownership
– CUaaS integrates modern digital financial technology with comprehensive operations and legal compliance and is the world’s first end-to-end Credit Union solution”
“As new technologies open up data streams to and from third parties and emerging startups, banks will be able to offer their customers a range of new products, services and insights that will not only optimise customer experiences, both online and offline, but will create highly personalised, customised relationships. In financial services, Banking-as-a-Service (BaaS) platforms have emerged as an integral part of open finance, where players provide more value-added services for customers by opening their application programming interfaces (APIs) for third parties to develop new services.”
- “Banking and financial services understand these demands, so it’s no surprise they are increasingly adopting cloud platforms; the global finance cloud market is expected to grow more than 22% annually through 2025.
- To ensure a swift, seamless transition to cloud platforms, we believe banks must overcome five major challenges. They’ll need to reengineer processes and workflows; integrate cloud and legacy systems; adhere to regulatory compliance; and relentlessly test — all with bulletproof security.”
- “Since the launching of Bank of America’s Life Plan in October 2020, more than 4 million customers have used it to set and track short- and long-term goals.
- Underpinned by AI, Fatema has over 700,000 impressions on social media and is the first digital banking assistant to have its own social media account.
- A year after Bank ABC launched ila, its mobile-only, cloud-based app, the bank’s key performance indicators—including cost-per-acquisition and number of deposits—were 4.5 times higher than expected, proving that delivering what customers want is good business.”