Traditional banks are facing growing competition from neobanks, but now they have a new reason to beef up their digital banking experiences.
Apparently, 49% of consumers between the ages of 18 and 34 have changed or considered switching banks to get a better digital experience in the past 12 months, according to Mulesoft, the developer behind a platform for APIs and integration. For people in general, that number was 27%.
Moreover, 72% of the 9,030 adults polled for the survey would consider changing providers in response to a disconnected experience.
Consumers in Singapore, the US and Australia are the most likely to consider changing providers as a result of a disconnected experience, with 87%, 78% and 77% respectively saying it would be cause for them swapping supplier.
“Organizations must cultivate partnerships to surprise and delight consumers,” said Uri Sarid, CTO at MuleSoft. “In the coherence economy, organizations need to develop strategies to collaborate with partners in a digital ecosystem and orchestrate personalized experiences for consumers.
“In order to innovate at scale and accelerate the delivery of products and experiences to customers, organizations will likely need to leverage a majority of third-party services. By leveraging an API-led approach to integration, brands across all industries can easily connect their applications, data and devices to provide a holistic view of the consumer and easily empower new, connected experiences.”
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