BofA digital engagement surges: The US-based bank disclosed that users are turning to digital channels more frequently, even as adoption slows. With adoption now approaching saturation, engagement will become the next frontier for banks.
Digital banking channels are enjoying supercharged momentum as a result of the coronavirus pandemic. US consumers’ banking behavior will continue to evolve through 2024, spurring banks to satisfy customer demands in both legacy and digital channels.
The pandemic is pushing consumers into digital banking channels, upping pressure on small and midsized banks to deliver value-added services and digitaluser experiences. They have to find ways of doing so on limited tech budgets to stay competitive.
Hispanic consumers have endured exceptional financial volatility—mostly bad—during the pandemic. Even in normal times, this population is a moving target, with its diverse components evolving in financial strength, degrees of acculturation, and digital engagement.
The pandemic has brought an influx of new users for subscription OTT, live videos, and video games in 2020, but other activities such as social networking, mobile messaging, and digital video haven’t seen the same bump.