Glassbox, a leading provider of AI-driven customer intelligence solutions, has released a comprehensive report revealing key insights into consumer preferences in digital banking for 2024. Titled “The State of Digital Banking 2024,” the report delves into what matters most to banking customers when interacting online or through mobile apps. Based on a survey of 1,000 U.S. consumers, the findings underscore that 90% prioritize the security of personal information as critically important when using digital channels provided by their banks.
The survey highlights a strong emphasis on fundamental AI capabilities such as security and reliability over personalized AI experiences in digital banking. Despite the convenience of mobile banking, 87% of respondents emphasized the crucial need for reliability and minimal errors when conducting transactions via apps or websites. Customers expect consistent, dependable experiences when accessing financial resources and information.
Key insights from the Glassbox survey include:
- Over 50% of respondents consider security as an extremely high priority in digital banking.
- 66% seek a seamless, consistent experience across their bank’s app and website platforms.
- 79% value high-quality customer support delivered through digital channels.
- 63% find personalization based on past activities or history to be important.
The survey also explores attitudes towards AI integration in banking, revealing a nuanced perspective:
- 60% view AI as both an opportunity and a risk for banks.
- Gen Z respondents exhibit greater caution towards AI integration, viewing it as potentially more harmful than helpful.
- Security risks related to AI implementation are a primary concern for 47% of respondents.
- However, 59% express comfort with banks using AI to detect potential fraud.
Keith Darter, VP of Financial Services at Glassbox, stresses the importance for financial institutions to prioritize robust security measures and consistent reliability while ensuring transparent communication about AI implementation. This approach not only fosters trust but also enhances customer loyalty in an increasingly digital environment.
The survey findings serve as a call to action for banks to elevate security and reliability in their digital offerings, accompanied by clear communication about AI usage and related security protocols. According to Glassbox, 85% of consumers expect proactive communication from their banks regarding AI utilization, and a significant portion would consider changing banks if affected by AI-related fraud incidents.
As banks navigate the rising prevalence of AI-focused scams, particularly among younger demographics sensitive to AI risks, adapting strategies to maintain trust and satisfaction is paramount. Compliance with consumer protection regulations, including those governing Buy Now, Pay Later services, is also crucial.
For further insights into the survey findings, visit Glassbox’s latest blog post: “RESEARCH: The State of Digital Banking 2024.”
Survey Methodology: The survey, conducted by Dynata on behalf of Glassbox in May 2024, gathered responses from a representative sample of 1,000 U.S. consumers aged 21 and older.
About Glassbox: Glassbox specializes in AI-driven customer intelligence solutions, partnering with leading digital brands worldwide to transform customer engagement and experience online. By securely capturing data from diverse digital interactions, Glassbox empowers enterprises to understand customer behaviors, enabling swift decision-making and enhanced digital experiences. Recognized for its industry expertise and robust solutions, Glassbox supports brands across various sectors, including banking, hospitality, and retail, to optimize brand loyalty, conversions, and revenue. Learn more about Glassbox’s innovative solutions at www.glassbox.com.
