The news: We’ve covered the importance of banks keeping up with competitors digitally—a bank’s online and mobile capabilities are a major factor in customers’ decisions on where to bank.
But there are also risks when rolling out digital capabilities if users can experience “digital friction,” per PYMNTS.
The catch-22: We know that 36% of US banking customers assess financial institutions’ (FIs’) online and mobile banking capabilities before choosing where to bank. But if FIs’ digital tools are glitchy or aren’t user-friendly, they can actually lead to attrition.