CHICAGO – November 20, 2019 – BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, unveiled new research addressing the top concerns on bankers’ minds and changing consumer attitudes in 2020. The findings were shared during a recent webinar, BAI Banking Outlook: Preparing for 2020.
This fall, BAI surveyed more than 600 consumers across all generations, from Gen Z to Boomer, and 400 bankers, including a cross-section of functional areas across banks and credit unions of all sizes for their quarterly BAI Banking Outlook program. The goal of the BAI Banking Outlook: Preparing for 2020 research was to identify the top challenges and priorities in banking next year. Financial services leaders provided insight into key business challenges and areas of investment, while consumers shared attitudes and preferences related to desired banking tools, open banking and the omnichannel customer experience.
Highlights from the BAI Banking Outlook: Preparing for 2020 research study include:
Improving the customer digital experience is the top business challenge for financial services organizations. The top request from consumers is to be able to customize their own solutions, from products to the digital experience.
Despite 65% of consumers preferring to open new deposit accounts online, nearly half of financial services organizations do not allow the first account to be opened online.
The majority of consumers (60%) expect to see open banking become in a reality in the U.S. within the next 1-5 years, compared to only 48% of bankers.
“The financial services industry has changed dramatically over the past decade, and leaders are preparing for an even more competitive landscape in 2020 and beyond,” said Karl Dahlgren, managing director of research at BAI. “It is vital for financial services leaders, particularly those from traditional institutions, to both listen to and address the rapidly evolving consumer demands to stay successful, relevant and competitive in the coming decade. Leaders that connect with their existing customers by leveraging data that they already have are positioned to make changes and adjustments quicker and more effectively than those who do not. We’re happy to learn from our BAI Banking Outlook research that this will be a higher priority across organizations of all sizes next year.”
As a nonprofit, independent organization, BAI has delivered the financial services industry’s most actionable insights for nearly 100 years, enabling leaders to make smart business decisions every day. We’re passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. That’s why we provide in-depth, proprietary research to 30 of the top 50 banks and numerous others ranging in size, support more than 1,800 financial services organizations for compliance and professional development training, and recognize industry trailblazers from our Emerging Leaders Network to the Global Innovation Awards. For more information, visit bai.org.
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