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60% of Bank Customers Are Digital
Easy access, low commissions and security are reasons for success
In April 2021, the Funcas-KPMG Observatory of Financial Digitalisation carried out a survey which confirms the staggering change undergone by the financial sector over the last year.
Half of the banks surveyed stated that 60% of their customers are now digital, while this figure was only 28% a year ago. The study also affirms that the systems used most were card payments, followed by bank transfers. Furthermore, mechanisms such as Google or Apple Pay and Bizum are gaining more and more ground.
Francisco Uria, KPMG Banking & Capital Market Global Head and Senior Partner of the Financial Sector in Spain, considers that: “The substantial increase in digital customers and transactions is mainly due to the most senior sector of the population entering into the digital world, which is a group that had been less digitalised until now.”
This development in technology means that financial institutions can rely on the best identity and digital verification providers, while offering their customers the option to use their digital products and benefit from significant improvements on traditional banking, such as putting an end to waiting lists, travelling, tedious paperwork, etc. Customers are able to access all of their products from any electronic device, such as their smartphone, tablet or PC.
Without having to leave their home, and in just 10 minutes, customers can set up their digital bank account, and also enjoy a pleasant and secure user experience, as their bank will have all the technology and will observe all the regulations focused on fraud prevention and fighting cybercrime.
The fact that 6 out of 10 bank customers are digital is not short-lived. The success of Fintech and Bigtech has brought about a change in the financial world, with the banks themselves being the first to go into partnership with some of these new companies with the intention of adapting their business to the new times and the new digital way of life that is here to stay.
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