Earlier this month Pismo shared a poll on LinkedIn asking our followers when was the last time they had switched their primary bank account provider. 33% of the respondents answered they opened a new account in a different bank the previous year, while 31% said they switched banks between one and five years ago.
21% of the people who answered the poll said they had made this move between five and ten years ago, while 16% said they have always kept the same primary bank account provider.
Although this is not a scientific survey, it reinforces the perception that digital banks have increasingly gained customers worldwide, becoming key players in the financial services industry.
A recent study launched by Delloite, analysing banks across 41 countries, shows that leading banks are becoming multi-service platforms, building ecosystems that can provide clients with a unified view of their accounts.
The research also points out that user experience (UX) is critical for banks to retain customers. It is as vital to customer satisfaction as the scope of financial products and functionalities.
Financial institutions must be prepared to provide their clients with innovative solutions to keep up with these trends. They must also be agile when launching new products to meet customers’ expectations.
An all-in-one, cloud-native platform like Pismo offers scalability and flexibility, enabling traditional banks, fintechs, and challengers to innovate rapidly and provide the services their customers want.
Learn more by downloading our white paper:
How to Break the Mould with a Next-Generation Banking Platform