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Digital banking trends to watch

When it comes to the digital experience, consumers expect more from their financial services than ever before. For the most part, banking has been a people-led business, occupying brick-and-mortar cornerstones of our high streets. However, the Covid-19 pandemic has accelerated the adoption of digital banking services, namely due to less accessible physical banking channels and consumers forgoing cash in favour of contactless and digital payments. 

But as we look ahead, will new digital banking behaviours stick? And if so, what are the post-pandemic digital banking trends to watch? Let’s discuss:

 

  1. Digital-only banking 

Digital banking allows consumers to conduct all their banking needs online or on a smartphone. It’s a service that almost all traditional banks provide as an extension of physical branches, but a growing number of digital-only banks are disrupting the sector. 

Digital-only banks are flexible, reachable, and highly efficient, erasing the days of waiting in line at the bank. They tend to offer niche services that are particularly attractive to younger generations, like real-time spending notifications, direct in-app support and bill splitting. That said, most people with a digital-only bank account use it more as a ‘secondary card’ to help manage spending habits or use it abroad as holiday money1. Therefore, digital-only banks will build trust and encourage consumers to use them for their primary banking needs in 2022 and beyond. 

 

  1. “Green banking” 

As the spotlight shines even brighter on environmental, social and governance (ESG) principles, eco-friendly “green banking” will become more prevalent next year. Forrester predicts that the top ESG product and service launches in 2022 will include “green loans and mortgages, and checking accounts with sustainability and carbon-tracking features”2

As such, digital banking will prevail as a way to help consumers make better-informed choices about their spending habits, calculating the carbon footprint of each transaction. This will also be an excellent opportunity for digital banks to recommend green products, such as loans for solar panels, and connect consumers with ESG investments for a more sustainable economy. 

 

  1. Multi-platform banking 

Choice is important when it comes to banking services — the ability to switch between points of contact whenever and wherever is crucial for many consumers. In 2022, banks will be eager to provide seamless omnichannel banking services to enhance user experience across a mobile app, website, physical branch, or any other channel. It’s how banks can offer a human touch to their services while keeping up with the digital banking revolution.

 

Happy to help

At Turner Little, we have acted as banking intermediaries for many years. We have strong relationships with several UK banks, enabling us to introduce clients for corporate and personal bank account opening with digital services. For more information, or to have your questions answered, get in touch with our dedicated team today.

 

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.