Digital and banking: dynamic duo for tomorrow’s world

Digital services are profoundly changing banking habits around the world. Neo-banks are attracting more and more customers of all generations. The Observatory of digital uses, which studies these new behaviours, has just its latest study to what it calls “afterbanking”.

How do you bank today? Are customers ready to switch to more autonomous and digital financial management? 

The survey brings together more than 7,000 interviews conducted in five European countries: France, Spain, Sweden, Romania and the UK. What is most noteworthy is customers’ universal desire for greater autonomy, freedom and transparency. Neo-banks and their corresponding smartphone apps allow immediate responses and quick and easy banking regardless of the transaction.

The digital bank is also overtaking the ‘physical’ bank. Over time, trust has been lost: 89% of the French believe that banks think about their own interests over those of their customers.

More surprising still: advisors are not seen as essential. 43% of customers have never even met their advisor, 51% say they can do without one and 50% are ready to communicate via artificial intelligence. This is even more marked in Spain where 66% of respondents say they’re willing to use AI.

Mobility at the heart of people’s uses

Among the notable transformations is the change in payment method. Most respondents are seriously considering replacing their bank card with a smartphone within 5 years, as is the case for 57% of French people. 62% predict that cheques will disappear completely in the same timeframe.  

Agility, mobility and benefits of a responsive international payment method make the mobile particularly attractive. From renting a property to low-cost loans, mobile apps are an integral part of our daily lives. Online or mobile banking is therefore a logical continuation of the digital evolution.

A large shift is the fact that mobile banking no longer scares anyone. Customers have become their own boss, comparing and weighing up the benefits, evaluating the services and determining the best bank to suit their life stage, they plan to switch in the next 3 years and do so without difficulty. They no longer depend on their adviser to tell them what’s new and the power is now in their hands.

Also gone is the cliché that the typical neo-bank customer is a twenty-something geek. The average customer profile is 47 years old, 63% male and 37% female. Tomorrow the population will become even more female: 52% will choose a mobile or online bank and 65% will make it their main bank. 

Neo-banks have a bright future ahead of them…