BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, released new research addressing the top priorities on financial services leaders’ minds and changing consumer attitudes in 2022. The findings were unveiled during a recent webinar, BAI Banking Outlook: Are you prepared for 2022?.
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“As we move into 2022 it is crucial for financial services organizations to know exactly what consumers want and need”
The compilation of research gives insight into three key questions. How are channel preferences shifting and what is the impact on the branch network? What key investments should financial services organizations be making to improve CX in 2022? How are customer attitudes about banking relationships changing? The research surveyed 1,000 consumers across all generations and over 150 financial services leaders.
Highlights from the BAI Banking Outlook research include:
- By 2024, consumers expect 61% of their banking business to be digital and 39% human assisted with the biggest projected increases coming from mobile and ATM.
- The biggest business challenges for bankers in 2022 is improving the digital experience and new customer acquisition. Only 9% of bankers describe their digital CX as excellent.
- Despite 53% of Gen Z and 52% of Millennials reporting they were invested in cryptocurrencies or in a fund with exposure to crypto, very few financial service organizations currently have plans for cryptocurrency with 76% reporting, “We have no crypto plans.”
- Gen Z has the most monthly interactions across all channels, with a monthly average of 117 interactions. Millennials having the second highest average, 102 total interactions. Channels include mobile banking, online banking, ATM (main bank), branch/drive-up, mobile deposit, live agent phone call and online chat.
“As we move into 2022 it is crucial for financial services organizations to know exactly what consumers want and need,” said Karl Dahlgren, Managing Director at BAI. “Every year we look forward to releasing our BAI Banking Outlook research to provide financial services leaders with the insights they need to be successful in the coming year.”
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