It's all about digital
for the banking industry.
Today's busy and rushed consumers don't have time to travel to their local bank branch in order to handle their transactions. This is a trend that is especially true of Millennials and the older members of Generation Z, who are the future of the banking industry.
As in other industries, digital disruption has led to increased competition from several tech startups, as well as consolidation of smaller banks and startups. In 2018, overall fintech funding hit $32.6 billion by the end of Q3, up 82% from 2017's total figure of $17.9 billion, according to CB Insights.
Mobile banking has become a requirement for consumers and no longer a value-added feature to tout. In Business Insider Intelligence's Mobile Banking Competitive Edge Study in 2018, 89% of respondents said they use mobile banking, up from 83% in 2017.
While online banking prominence continues to rise among consumers, recent studies show that many still prefer to make their cash and check deposits at a branch location. More than half (53%) of respondents said their top reason for visiting a branch in the past month was to deposit a check, compared with 41% who went to withdraw cash, and 36% who went to deposit cash.