The pandemic is pushing consumers into digital banking channels, upping pressure on small and midsized banks to deliver value-added services and digital user experiences. They have to find ways of doing so on limited tech budgets to stay competitive.

The credit union offers all seven category tools, including the two most sought-after ones: the ability to activate a new debit or credit card and receive a temporary digital card that can be used immediately at sign-up. Chase tops the Transfers category.

(Penetration is defined as the percent of US bank account holders ages 18 and over who call their bank, credit union, credit card, or brokerage institution at least once per year.) The sustainability of the trend will depend on how long the pandemic remains a significant threat and impediment to everyday life.

(Penetration is defined as the percent of US bank account holders ages 18 and over who visit a bank, credit union, or a brokerage branch and see a representative in person at least once per year.) Though the pandemic hastened the transition toward digital, the trend was in place well before its onset last year.

Last year alone, Zelle added 457 new financial institutions to its network, including a number of small banks and credit unions through a partnership with Fiserv. As noted in our recent report “The Payments Ecosystem,” consumers turn to Zelle for bill paying and larger transactions.

For context, penetration in this channel is defined as the percent of internet users ages 18+ who access their bank, credit union, credit card, or brokerage account digitally via any device at least once per month. The following drivers will inform the growth in Canadian digital banking penetration through 2024:.

eMarketer was pleased to moderate a Tech-Talk webinar presentation featuring Brandon Harris, assistant vice president of digital and innovation at PenFed Credit Union, and Noah Perlmutter, technical support analyst and quality assurance engineer at Decibel. They shared their secrets for managing and measuring brilliant digital experiences for sustainable results.