(MENAFN – Mid-East.Info Ri) yadh, Saudi Arabia: Consumer appetite for digital banking continues to grow in the Kingdom of Saudi Arabia (KSA), further accelerated by the COVID-19 pandemic, according to a new investigation by Backbase with YouGov.
Eighty-eight percent of survey respondents said they were now more likely to opt for digital banking services over physically going to a branch, with consumers saying they prefer digital banking solutions by self-service delivered with the same convenience as their e-commerce, entertainment and transportation solutions.
Movement restrictions or bank branch closures at the start of the pandemic forced consumers to go online, and banks responded by quickly moving their products and services to digital platforms. The study found that 82% of those surveyed said they used digital banking services at least once a week, and 36% used the services once a day or more.
The sudden surge in digital adoption has dramatically advanced the digital transformation agendas of many banks in the region, with banking executives recognizing that online banking services are becoming essential to increase customer loyalty and increase revenue streams. through personalized services. Consumer expectations for digital banking have shifted from day-to-day banking services and transactions to more complex interactions, such as remote account openings or subscriptions to new products or services such as obtaining a loan or taking out insurance. However, 32% of respondents say their bank is weak when it comes to providing seamless access to online banking, highlighting an area where banks need to step up performance.
According to Backbase, many banks have relied on deploying stand-alone applications and stand-alone systems to add new functions and services to their online banking offerings, creating fragmented systems that don’t provide a good experience for customers. As the digital transformation continues to come, financial institutions need to ensure they have the right platform to manage their future expansion.
âAs the pandemic recedes, banks have the opportunity to deliver enhanced customer engagement online, which will pave the way for physical branches to only offer more complex and high-value activities. To ensure they can capitalize on changing customer behavior, banks will need to break free from siled technology architecture and put engagement at the forefront of their digital operations. By adopting the single platform approach to technology that other industries have already mastered, financial institutions can be leaner and more flexible, with the ability to instantly run new digital services while providing customer support. improved, âsaid Matthijs Eijpe, regional vice president of EMEA sales. at Backbase.
Customer experience differentiates successful digital financial services from failures with 39% of respondents citing poor customer relationships as a key influencing factor in the decision to switch banks. the entire digital journey allows financial institutions to focus on providing high quality service to customers and members. Our state-of-the-art digital banking software solution unifies the data and functionality of traditional core systems and emerging fintech players into a seamless digital customer experience, âcontinued Matthijs Eijpe.
The Backbase Engagement Banking platform features a unified architecture with out-of-the-box features that allow banks to intertwine with the very fabric of people’s financial lives, ensuring that every step of the user journey is enhanced by unique experiences. More than 120 financial institutions around the world trust it, including Barclays, Bank ABC, Bank of the Philippines, BNP Paribas, Capital Bank of Jordan, Citibank, Citizens Bank, Deutsche Bank, Discovery Bank, Gulf Bank, National Bank of Bahrain , National Bank of Iraq, Kuwait International Bank, RBC, SociÃ©tÃ© GÃ©nÃ©rale.
About the chainstay :
Backbase’s mission is to transform the failing banking system, so that financial institutions don’t just interact – they engage – with the people they serve. This is made possible by the Backbase Engagement Banking platform, which powers all lines of business on a single platform, including retail, SME and enterprise and wealth management. From digital sales to day-to-day banking, the entire platform design is focused on a seamless and engaging experience for customers and employees.
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