57 percent of consumers choose internet banking amid Covid-19, report

As the pandemic environment is moving consumers to interact more digitally with their banks, platform models offer agility and scalability during uncertain times. The report found that platform-based banks find it up to two-times easier to increase operating profits, unlock new sources of value and improve operational efficiencies.

The report shows that the global financial sector is amid transformation as digitally native non-traditional players continue to provide customer experience and redefine long-held principles to gain market traction. With 57% of consumers now preferring internet banking, up from 49% pre-Covid-19, and 55% preferring banking mobile apps compared with 47% previously, the stakes have risen further as the Covid-19 context continues to move consumers towards digital banking.