There are now a variety of tools available to clients to help them manage their finances in ways that suit them best: for example contactless credit cards, SMS alerts, and most importantly, online and mobile banking.
Before the introduction of automated teller machines (ATMs), many clients looking to check their balance had to wait for a statement delivered through the mail or ask a teller to write it on a piece of paper.
Now millions of clients are habitually choosing to log in to mobile banking or online banking to check their balance – with many doing so multiple times a day. In one of their latest reports, Deloitte found that 73% of clients prefer online banking while 59% used mobile banking apps in addition to using online banking through an internet browser.
The most notable finding of their research revealed that there were no generational differences in how frequently online or mobile banking was used; baby boomers and millennials were on par with how often they used the tool, despite popular rhetoric.
The use of online and mobile banking is just one way in which clients have access to more financial information than ever before. The shift in client expectations has led to a digital revolution for financial institutions. While more and more clients are managing their finances online, they are also demanding that their service providers keep up when it comes to service and support.