ATLANTA,– In a new survey from VSoft Corp., consumers who currently use digital banking services have identified their top five digital activities.
Those activities are:
1. Balance inquiries (81%)
2. Online bill payment/ATF (72%)
3. Money transfers (60%)
4. Finding branch/ATM locations (45%)
5. Customer service support (37%)
Of the consumers who have a financial institution, 99% said their FI currently offers digital banking services and 88% use at least one of those digital services.
Also noteworthy – and with VSoft noting that it is perhaps not surprising – nearly three-fourths (72%) of consumers who use digital banking leverage their financial institutions’ bill pay service, which coincides with the trend towards non-cash transactions.
“This demonstrates the importance for financial institutions to adapt to the evolving technology landscape – fast,” said the company in a statement.
“The continued growth in electronic and mobile payments along with the fact that Millennials – the largest and most tech-savvy generation in history – are maturing into adulthood, financial institutions are under immense pressure to keep pace with digital banking services as well as consolidate these channels to ensure a superior experience,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “Because most banks and credit unions offer some kind of digital service, this is even more imperative to differentiate among competitive institutions.”
The survey was conducted on behalf of VSoft by Harris Poll, the survey ran online from Oct. 29 – Nov. 2, 2015, and garnered responses from more than 2,000 U.S. adults ages 18 and older.