Technology and Banking: How Consumers Are Adapting to the Digital World

Digitalization and virtualization of services have wholly transformed how banks and credit unions deliver their services, and the trend shows no sign of abating.

Disruption is nothing new to the financial sector. From the Lydian invention of coinage in the seventh century B.C.E. to the creation of credit cards in 1946, how we buy and sell goods and services has always been in flux. This period of digitalization seems particularly fraught with "creative destruction," as long-standing methods of payment disappear in favor of new methods that allow for quicker and cheaper transactions.

This study seeks to understand the consumer appetite for disruption. Are consumers looking to cut the cord with their bank and credit union and find an alternative? What technologies are driving their behavior? How are their attitudes changing? And how can an institution find the customers most and least susceptible to disruption?

  • Country
  • United States
  • Industry
  • Banks, Credit Unions
  • Published
  • January 2019