The critical area of competition within traditional banking has been the rise of digital-only brands. In this study we look at some of the main drivers and insights into why this market is growing.
Amdocs projekt202’s experience strategy and insight (ESI) team was tasked with understanding the digital-only banking phenomenon (challenger banks, neobanks, fintechs) and why customers are switching to them. As broader market data supported this increasing trend which is expected to continue, signaling a shift in the banking industry. In this eBook we explore:
- Why has traditional banking relationships been disrupted in favor of digital only banks
- What are the prime triggers for customers to move from their primary bank
- How are digital only banks captivating, motivating and retaining customers
- Best strategies to address those customers who have not yet converted to a neobank.
As digital-only banks are earning an ever increasing share of the traditional banking market, this study provides a timely look at how best to retain and attract a new generation of consumers who are digital-savvy, cost-conscious and time-poor.