April 24, 2018
Is digital transformation a survival strategy for banks today? Retail banks in the United States are investing heavily in new technologies and staff as a part of a larger push for digital initiatives. US banking digital transformation spending is estimated to grow at an annual rate of 22.5% by 2020, with most of the established banks allocating nearly 40% of their IT budget to meet the goals of this digital transformation.
Modern banking is a far cry from the long queues and the headache-inducing paperwork of the past; the entire bank is available today through a couple taps on a smartphone – a study of US banking customers found that 56% prefer more of a digital than a personal relationship with their bank. Among millennials, the number is even higher – 70% prefer to interact with their banks online.