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

Friday 12 June 2020 13:30 CET | News

Capgemini and Efma have released the World Retail Banking Report 2020, showcasing that retail banks are pressured to transform as new entrants gain consumer preference. 

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.
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Keywords: Capgemini, Efma, World Retail Banking Report 2020, covid-19, pandemic, internet banking, digital banking, retail banks, banking mobile apps
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech