- Pandemic accelerated the adoption of online banking.
- 73% of respondents prefer a completely digital experience.
- The customer expects next-generation digital experiences.
- 15% of the survey customers had switched for a better digital experience and 34% were leaning toward switching to some degree.
- Most Traditional banks satisfied customers with basic and limited functions. What surveyed customers (>60% commercial, and 50% consumer customers) want next is to be able to do loan applications via online or mobile platforms. This is a huge discrepancy from industry-wide statistics showing only 32% of small businesses and 12% of consumers using online mortgage loans in 2021 which provides digital banks opportunities to take a big chunk of those customers.
- More and more customers prefer remote deposits, online credit card payments, fraud alerts, and treasury management.
- The fintech market is projected to grow from $112.5 billion in 2021 to more than $330 billion in 2028 at a compound annual growth rate of nearly 20%.
- Non-traditional players were found to deliver superior experiences in key areas including mobile applications, and mortgage lending offerings.
- Customers who are likely to pick a non-traditional bank are looking for improved functions, products offering, and usability of those products.
- Loyalty for traditional banks will likely shift moving forward once customers see better offerings from a non-traditional player.
SoFi is the most diversified all-in-one Fintech/Bank with powerful technology platforms including Galileo, Technisys, and utilizes Pagaya AI for loan origination. SoFi is just at the beginning of this digital bank journey with Q2 2022.
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