The Digitalization of the Banking Sector
At Questia Group, the digitalization trends are of great interest and focus. The banking industry makes no exception. In this manner, our studies focus beyond the traditional ways that customers interact with their banks or the products and services they use and rather approach how online banking changes people’s lives.
We asked whether we can talk of a “cashless society”. In our article, we pointed out why customers engage in online banking and why they avoid using it. Moreover, we underlined that the demands for digitalization in other sectors have increased this demand in the banking sector as well.
In a previous article, we asked respondents what are the major benefits and drawbacks of this service . We noticed that although Romanians are engaging in a broad range of online activities (reading news online 46%, voice, and video call 42%, social networks 78%), they are less willingly to engage in online transactions as much. According to the European Commission, despite the progress shown in Romania in regard to Internet usage, the share of online banking users (9.6%) or the ones who shop online (18%) place our country at the lowest rank in the EU. However, the majority of online banking users see no drawbacks of this service.
Moreover, this type of interaction has a great impact on people’s saving and spending habits. Recently, new types of consumers and consumption habits have emerged, triggered both by macroeconomic factors (the global financial crisis in 2009, country-specific socio-economic and political factors) and individual ones.
Customer perceptions are but one side of the story. The other is filled with other offline and online data. Stay connected to Questia Group and find out more on our whitepaper - Towards the Digital Age of Banking and the Omnichannel Consumer.