BAI’s Banking Outlook reports that 83% of financial service organizations feel an increased sense of urgency to implement digital initiatives. COVID-19 has only served to increase this pressure as digital use increased at the onset of the pandemic in March and April. However, with an increase in digital banking, there’s heightened security concerns, including fraud attempts, technology failures, and user errors. According to 2020 BAI research, 38% of consumers across all generations report that their biggest frustration with digital banking remains the fear of fraud and security concerns.Read More
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In a recent survey of financial services leaders and consumers, BAI found that fraud continues to be a significant digital banking concern for all age groups. While financial services leaders have long been focused on fraud reduction, their efforts continue to increase. According to the survey, 60% of financial services leaders have increased their fraud reduction efforts this year.
BAI recently released research on the trends and interests of Gen Z. “A Look at Gen Z Banking Habits and Attitudes” provides insights to understand generational banking attitudes and expectations. The research uncovered that, unlike older age groups, Gen Z does not feel as tethered to traditional financial service providers and is less likely to bank with only one financial services organization.