Overcoming Myths: What’s Driving the Shift to Digital Banking107e78aa-3f0b-4fa2-890d-9… · spending in a rainy-day account. But retirement is by far their highest priority. Almost

Overcoming Myths: What’s Driving the Shift to Digital Banking

IN ASSOCIATION WITH:

Citizens Access is a division of Citizens Bank, N.A. Member FDIC

COPYRIGHT © 2019 FORBES INSIGHTS | 3

TABLE OF CONTENTS

4 INTRODUCTION

5 GOAL ORIENTED

6 LEADING THE WAY: THE OPTIMIZERS

7 THE KEY TO FASTER PROGRESS: OVERCOMING MYTHS

10 DRIVING THE SHIFT TO DIGITAL BANKING

12 CONCLUSION

14 METHODOLOGY

14 ACKNOWLEDGMENTS

4 | OVERCOMING MYTHS: WHAT’S DRIVING THE SHIFT TO DIGITAL BANKING

INTRODUCTION

Americans’ demand for banking services has never been keener. Deposits in institutions with Federal Deposit Insurance Corporation protection have grown by more than one-third in the past decade, to $7.4 trillion as of the end of June 2018 from $4.8 trillion in 2008.

When it comes to service, accessibility, and pursuit of higher returns and lower costs, however, banking customers’ preferences are changing rapidly. In particular, they are looking beyond traditional branch banks to online banking services and digital banks with no physical presence at all.

Assets in digital banks are growing rapidly. “We are seeing deposits at digital banks growing four to five times faster than at traditional banks,” says John Rosenfeld, president of Citizens Access, the digital bank launched by Citizens Financial Group earlier this year.

“Digitization, and the onset of services like Amazon.com, have simplified the shopping experience—and this is changing banking,” says Brad Conner, vice chairman, Consumer Banking Division at Citizen’s Financial Group, parent of Citizens Access. “Savings and checking products have not changed dramatically, and customers have a lot of the same needs, but how they are delivered is where there is a big change.”

This represents a major shift in how Americans save, how they manage their banking relationships and what types of banks they like to do business with. To better understand these trends, Forbes Insights conducted a survey of 1,087 banking customers across the U.S. about their savings objectives, their opinions about traditional, brick-and-mortar branch banks versus digital banks, and their outlook as savers (see Methodology).

To find out more about the direction of digital banking going forward, we also identified a group of “Optimizers” (see box) who are quickly becoming digital natives as savers, and we compared their habits and outlook with those of the overall group. We then supplemented the survey with perspectives from five experts and thought leaders in the fields of banking and digital services.

OPTIMIZERS

HAVE $300K OR MORE IN INVESTABLE ASSETS

EARN $250K OR MORE IN HOUSEHOLD INCOME

ARE 35 TO 64 YEARS OLD

OVER 80% ARE CONFIDENT THEY WILL MEET MAJOR FINANCIAL GOALS


GOAL ORIENTED

Changes in how customers do business with their banks are not occurring in isolation. They are taking place as savers intensify their focus on savings goals, particularly for retirement, and grow more confident in their ability to achieve these goals and manage the process. They see many features of digital banking as helping them to achieve their goals and satisfy their preferences in doing so.

The change we observed is dramatic. Banking customers now spend about two-thirds of their banking time online, and more than one in three (42%) say they maintain a relationship with at least one digital bank, while 17% have a relationship with at least two.

At the same time, most banking customers are very intent on saving—for retirement, for a rainy day, for education—which motivates them to search for the best deals. Eight out of 10 say it is important to them to keep the equivalent of three to six months’ normal spending in a rainy-day account.

But retirement is by far their highest priority. Almost two-thirds (65%) say that retirement security and

income is one of their top three savings goals right now, and even more (79%) say retirement is always their most important savings goal. More than one-third (34%) say that if they were given $10,000, with no strings attached, they would put it toward retirement savings—ahead of any other category, including paying off debt and contributing to a rainy-day fund.

Banking customers are very confident they will get where they want to go as savers. More than three-quarters (79%) say they are confident they will achieve their retirement goals, and more than half (55%) believe that they will reach their education savings goals. And they believe they have the skills to do so. Almost half (47%) describe their level of financial knowledge as either advanced or expert.

At the same time, we found, banking customers are attracted to many of the advantages digital banks offer. Respondents who have at least one account with a digital bank are more likely to be attracted by better fees and rates, better and more reliable technology, and a digital environment that’s easier to use and navigate, for example.

On most of these points, respondents who have accounts with at least one digital bank agree more strongly than those who do not. “Customers want it

Figure 1. RETIREMENT IS SAVERS’ TOP PRIORITY—BY FAR: To what extent do you agree with the following statement about retirement saving?

Agree Neither agree nor disagree Disagree

Retirement is always my most important savings goal

OPTIMIZERS OTHERS TOTAL

81%

13% 15% 14%7%8%6%

76% 79%


faster, cheaper, smarter and more efficient,” says David Blumberg, founder and managing partner of Blumberg Capital, an early-stage venture capital firm that invests in FinTech. “I don’t want to go into a branch. I want 24/7 access to my money.”

LEADING THE WAY: THE OPTIMIZERS

The increasing popularity of digital banking is being led by a smaller group of savers who are tightly focused on building and preserving wealth, who like to comparison-shop, and who don’t feel bound to get all or even most of their services from the same bank. Even among these Optimizers, however, the majority still do not have an account with a digital bank, underscoring that even they have some way to travel before they harness the full potential of digital banking.

Optimizers are defined not just by income, savings level and age group. They are discerning consumers who have reached a point in their careers when they are less focused on paying down debts and more intent on building wealth. “Optimizers are people who make the best or most efficient use of things,” says Rosenfeld. “They like to comparison-shop. They’re trying to save more efficiently, avoid fees and save time—and the time piece is a critical factor. Everything has to be incredibly convenient and very easily accomplished.”

Their financial and saving goals are shifting, too. “The majority of the optimizers that we are seeing are in their 40s on average,” Rosenfeld says, “and they’re at a point where they have accumulated some level of wealth. They are generally saving for retirement, but also maybe for education for their children, real estate or other things.”

What really sets Optimizers apart, however, are their attitudes and habits of saving—and where they bank. Here’s what we found:

• Optimizers are far more likely than other banking customers to consider themselves knowledgeable in finance.

• They are more likely to be hands-on managers of their financial accounts.

• Their emphasis as savers is on building and preserving wealth rather than paying down debt.

• They are more confident of reaching their financial goals than other banking customers.

35%

26%

26%

21%

17%

17%

24%

14%

14%

25%

8%

6%

11%

12%

15%

29%

26%

Better fees/rates

Dissatisfaction with previous banks’ service

Better, more reliable technology

Better product offering(s)

More/better security

New savings goal

Fits my mobile lifestyle

Life event (e.g., received a bequest)

Easier to use/navigate

Recommendation from trusted source

1 or More Digital Bank Accounts No Digital Bank Account

Figure 2. WHAT ATTRACTS SAVERS TO DIGITAL BANKS: What were the most important factors in your most recent decision to switch banks? (Select up to 3)

22%

22%

14%


As enthusiastic comparison-shoppers, it’s less important to Optimizers to keep all their assets in one place—or at a single institution. “The more sophisticated your needs, the more fragmentation you can tolerate, including holding accounts with more than one bank,” says Judd Caplain, partner and head of global banking and capital markets at KPMG.

Yet, less than half (44%) of Optimizers have a digital-bank account, not much more than the 41% of other banking customers. Sixty-four percent of Optimizers have relationships with traditional banks, roughly the same as other investors. This despite the fact that Optimizers are less likely than other savers to agree that their money is safer in a traditional bank or that banking online puts their information at risk. Clearly, Optimizers are driving the move into digital banking—but even they could be moving faster.

THE KEY TO FASTER PROGRESS: OVER-COMING MYTHS

What keeps more savers from initiating an account with a digital bank? Two factors stand out in the survey findings: the stubborn persistence of a series of myths about online and digital banking and some products in their inventory, such as CDs; and a general reluctance to switch their loyalty from their primary banks. While the myths about digital banking are largely unfounded and easy to refute, they point to a more fundamental concern of savers about the security of their data.

One reason banking customers have not taken even more rapidly to digital banking is that they still subscribe to many myths about banking outside the traditional, brick-and-mortar networks. Even many Optimizers, if not most, count themselves in this group. Many customers are unsure about the security and efficiency of digital versus brick-and-mortar, branch banks.

• Almost half of other banking customers (46%), and almost one-third of Optimizers (32%), believe their money is safer in a brick-and-mortar bank.

• Almost half of other banking customers (48%), and two out of five Optimizers (40%), think banking online puts their information at risk.

• Almost half of other banking customers (47%), and even a slightly larger share of Optimizers (49%), are concerned that digital banks mishandle their personal data.

• Nearly four in 10 of other banking customers (39%), and a slightly smaller percentage of Optimizers (31%), believe customer service isn’t as good at digital banks.

These commonly held beliefs are largely without basis.

Accounts at most digital banks that have a traditional bank as a partner are protected to the same degree by FDIC insurance as funds at traditional branch banks. Because they incur less expense maintaining

16%

38%

40%

6%

9%

53%

28%

11%

13%

45%

34%

8%

Expert/very knowledgeable

Intermediate/somewhat knowledgeable

Advanced/quite knowledgeable and interested

Novice/beginner

Optimizers Others

Figure 3. OPTIMIZERS: MORE FINANCIALLY KNOWLEDGEABLE: Which of the following best describes your level of financial knowledge?

TOTAL


physical branches, digital banks have more resources to devote to creating a smoothly efficient and secure online environment. And customers who use digital banks strongly agree: 56% say that digital banks eliminate many typical points of compromise (e.g., debit card skimming at ATMs, check fraud, discarded paper statements leading to ID theft), and 65% say their digital bank has strong security measures to protect customer data.

But the myths extend to some of the features that make digital banks an attractive proposition to many savers, such as CDs and the opportunity to shop for

better rates. Here again, a substantial proportion of Optimizers subscribe to them as well. • More than one-third of other banking customers

(37%), and roughly the same share of Optimizers (38%), believe that if they put their money in CDs, they will miss out on higher interest rates.

• More than one in four other banking customers (43%), and 33% of Optimizers, believe that news about rising interest rates just means they will have to pay more.

• More than three out of f ive other banking customers (63%) , and on ly s l ight ly fewer

Agree Agree

Agree Agree

Neither agree or disagree




Disagree Disagree

Disagree Disagree

Don’t know

Don’t know

Don’t know

Don’t know

Optimizers Others TOTAL

Figure 4. BELIEVING THE MYTHS ABOUT CDS: To what extent do you agree with the following statements about CDs?

If I put my money in CDs, it will be unavailable for a long time

If I put my money in CDs, I will miss out on higher interest rates

There’s little choice among types of CDs You can lose money with CDs

44% 38%

25% 17%

23% 27%

24% 19% 19% 19%

27%

37% 55%

26%

6% 8%

14% 9%

6% 8%

11% 8% 8%

6% 8%

13%

21% 24%

32% 49%

24% 26%

35% 52%

23% 31%

26%

23% 29%

25%

50% 37%

31% 24%

37%

28% 21%

47%


Optimizers (58%), are attracted by promotional rates frequently offered by branch banks.

These myths, too, are largely unfounded.

There are a variety of techniques, including laddering CDs and breaking them up into smaller units, that can help savers to capture favorable interest rate shifts and make sure they aren’t exposed to excessive penalties when they need to liquidate part of their holdings. Some banks offer a variety of CD structures, including jumbo CDs, IRA CDs and liquid/no-penalty CDs, tailored to savers’ differing needs.

Interest rate hikes, of course, benefit savers who can afford to put more money into vehicles that reflect the new, higher rates. And traditional branch banks’ promotional rates generally come with a catch: They end. Attempting to game this highly complex market can be more trouble than it’s worth for savers, whereas the foundation of digital banks’ business is their ability to offer higher rates and lower fees day to day.

Additionally, however, savers tend to be loyal to their bank. Only 24% of other banking customers say they have switched banks in the past three years, and the figure is actually lower for Optimizers (18%). While 44% of customers say their main motivation to switch banks would be to take advantage of higher rates, 25% say they would not do so solely to get a higher rate, and another 25% said they would demand a rate increase of better than 2% APY to do so.

Experts say it comes down to a feeling of security. A physical bank innately seems more trustworthy to customers than one they encounter only online. Moreover, a bank that’s been in business a long time seems more secure than one that was much more recently launched on the back of an innovative technology—even though this is not necessarily true in a time when even branch banking customers do much of their business online. “Rightly or wrongly, people feel safer because they’re with a big, recognized brand,” says Philippe Dintrans, senior vice president and chief digital officer at Cognizant Banking and Financial Services. “But because everything’s online, in any case, threats hit brick-and-mortar banks in much the same way.”

“The internet makes everything local”—including fraud, notes David Blumberg of Blumberg Capital, since it’s now possible, sometimes with a keystroke, to pilfer information or assets from a location clear around the world from the target. “It’s easier to steal from far away.”

Among savers who find digital banking to be safe, 55%, including an equal proportion of Optimizers, say that digital banks have strong security measures to protect customer data, while almost one-third (31%) agree that automation reduces the likelihood of human error, including a comparable percentage of Optimizers. Accordingly, if they decide to switch banks, 25% of other banking customers and 26% of Optimizers say that one of their primary motivators would be a preference for a bank that’s been in business longer.

Figure 5. WHY DO SAVERS SWITCH BANKS?

What would be your primary motivation in making the switch?

What is the minimum increase in interest rates that would motivate you to switch your bank?

44%

25%

14%

12%18%

25%

7%

32%

15%7%

2%

2%

Higher returns

I would not switch solely based on interest rates

Ease of doing business

An increase of less than .1%

Low fees

An increase of .1% to less than .50%

Prefer doing business online

An increase of .50% to less than 1%

An increase of more than 2%

Other

An increase of 1% to less than 2%

I don’t know


“Why do people switch to a digital bank? I think because they love the benefits and they start to trust the technology,” says Rosenfeld. “Why do they not switch? Either because they don’t trust the technology or they haven’t realized the benefits.”

DRIVING THE SHIFT TO DIGITAL BANKING

Yet, the use of digital banks continues to grow. One reason is that customers’ intensifying focus on saving and retirement—and on getting the best deal—

counterbalances their security concerns. Tech-savvy savers, more comfortable with digital transactions,

even those involving sensitive personal information, are helping lead the way. And digital banks themselves play a role, since they largely pitch their products and services to particular savings needs rather than vying to be the customer’s primary bank.

If Optimizers have qualms—however unfounded—about digital banking, and are reluctant generally to switch banks, why are more people setting up accounts at digital banks? And are they likely to keep doing so?

More than two out of five of other banking customers (44%) say that banks that don’t charge fees just find other ways to fleece customers—and more than one-

55% 55%

55%

32%

52%

17%

17%

14%

31%

31%

47%

16%

9%

50%

12%

Digital banks have strong security measures to protect customer data

Automation reduces the likelihood of human error

Digital banks eliminate many typical points of compromise

Automation reduces the likelihood of fraud

Other

Optimizers Others

Figure 6. ARE DIGITAL BANKS SAFER? What are the reasons that you think digital banking is safe?

TOTAL

4% 6%

5%

22%

14%

21% 21%

21%

29%

27%

25%

11%

27%

13%

28%

5 Will do so

3

4

2

1 Would not consider it

Optimizers Others

Figure 7. OPENNESS TO GOING DIGITAL: If you do not currently use a digital bank, what is the likelihood that you would switch to one?

TOTAL


third (37%) of Optimizers agree as well. Yet, 18% of other banking customers who do not currently use a digital bank say they would strongly consider switching in the next one to two years—about the same as the share of Optimizers in this group who say so.

This sheds light on an unexpected finding of the survey: Individuals who use digital banks share many of the same concerns about these institutions as other savers. For example, individuals with accounts at digital banks are more c o n c e r n e d a b o u t t h e security of their assets and their information at digital banks than other savers. They are also more concerned about the ease of conducting transactions o n l i n e , a n d t h a t t h e application process and onl ine process ing may take too long.

Yet, they are st i l l more l ikely to save with one or more dig i ta l banks, suggesting that their drive to pursue their savings goals—including finding the best rates and lowest f ees—over r ides these concerns.

T h i s a l s o a p p e a r s t o el iminate the expected generational differences in attitude toward digital banking: that a middle-aged or older customer would be more cautious about relying on a non-brick-and-mortar bank than a younger person, for example. “Certainly, millennials and Generation Y are a very mobile-fast, very tech-native audience, expecting to do everything online,” says Dintrans. “But older generations have become pretty acclimatized and are emulating to a degree what the millennials are doing. They expect the same qualities

with banking services that they find in Amazon and Uber.”

Maybe even more so. We found, for instance, that some older age groups are more likely than younger ones to agree that better fees and rates were among the most important reasons they shifted banks most recently. And the belief that banking in an online environment puts one’s information at risk actually

decl ines with age: S ixty percent of savers in the 18-29 age group agree with that statement, compared with 45% of savers aged 55 to 59. Older savers are also less likely to believe their money is safer in a traditional, brick-and-mortar bank, with 31% of those aged 55 to 59 agreeing c o m p a re d w i t h 6 4 % o f savers between 19 and 29.

If there’s a split, it may be behavioral rather than age-related. “People who are digitally savvy do tend to be more affluent, but they are more sensitive to their ability to get a competitive r a t e o n t h e i r s a v i n g s account ,” says Conner. “So, if you’re a traditional banking customer with $800 in your account, you’re less likely to take the time to get an extra half-percent. But if you have $70,000, you’re more inclined to.”

Unbundling—or “digital fragmentation,” as Caplain calls it—may play a role in the move to digital banking as well, as savers accustom themselves to placing their assets or other financial business at more than one institution. “Consumers have become much more aware of fees the last number of years,” Conner says, “and digitization and online capabilities have made it

“Certainly, millennials and Generation Y are a very mobile-fast, very tech-native audience, expecting to do everything online, but older generations have become pretty acclimatized and are emulating to a degree what the millennials are doing. They expect the same qualities with banking services that they find in Amazon and Uber.”PHILIPPE DINTRANS, SENIOR VICE PRESIDENT AND CHIEF DIGITAL OFFICER, COGNIZANT BANKING AND FINANCIAL SERVICES


Most banks have created great experiences for simple transactions like balance inquiries or P2P payments. The story is very different for more complex transactions like personal loans, home loans or wealth. This is where the rubber meets the road. New digital banks, unencumbered by legacy and fragmented architectures, are using modern technologies to deliver friction-less processes and delightful experiences, across the entire spectrum of transactions, winning customers away from traditional banks. This is where digital banks will have the biggest impact.”

SONNY SINGHSENIOR VICE PRESIDENT AND GENERAL MANAGER, ORACLE FINANCIAL SERVICES

“

much easier to do research on these matters. Now you can compare fees in five or 10 minutes.”

Digital banks themselves are largely not vying to be the saver’s primary bank, but to attract business to products and services where they believe they offer a competitive advantage. “No one bank can typically offer all the best-value offerings across all of its customers’ needs, when you compare that to handpicking the best offerings from a collection of institutions,” says Rosenfeld.

For savers, then, the decision to open an account with a digital bank should present itself as a simple choice. “It’s not an either/or,” says Julien Courbe, U.S. financial services advisory leader at PricewaterhouseCoopers. “A lot of consumers still go to a branch bank to open their checking account, but that’s not necessarily the primary bank they interact with.”

CONCLUSION

Digital banks will succeed based in part on customers’ degree of trust in the security of their technology. At the same time, better rates, lower or no fees, and

the experience of digital banking—the ease, speed and efficiency of a service with minimal or no human interaction—will remain at the core of digital banks’ appeal. The challenge for digital banks, then, is to strike the right balance among convenience, security and the financial proposition they can offer.

The momentum behind digital banking is not entirely on the customer side. Digital banks themselves are using the money they save by jettisoning brick and mortar to improve the online experience and reinforce digital security. One attraction is the opportunity for midsize or regional banks to build a bigger, truly national business. “We’re reaching a whole new customer base,” says Conner. “We only launched Citizens Access four months ago, and already 75% of its business is not in our traditional footprint”: notably California, where the parent bank had never had savings customers.

Traditional brick-and-mortar banking is not going to go away, he predicts: “Banking is very personal to customers. Any number of customers still want advice, face-to-face from an expert—for example, for retirement, mortgage services—so going forward, customers may use a traditional bank for these kinds of services, and a digital bank for savings.”


To make digital banking a success, it’s critical to keep improving the experience itself. “In the digital world, experience is king,” says Sonny Singh, senior vice president and general manager of Oracle Financial Services. “Most banks have created great experiences for simple transactions like balance inquiries or P2P payments. The story is very different for more complex transactions like personal loans, home loans or wealth. This is where the rubber meets the road. New digital banks, unencumbered by legacy and fragmented architectures, are using modern technologies to deliver friction-less processes and delightful experiences, across the entire spectrum of transactions, winning customers away from traditional banks. This is where digital banks will have the biggest impact.”

The experience is also the basis on which many will fail, however. “People will decide to leave based on a bad experience,” warns Dintrans. Increasingly, too, digital services will be migrating to a mobile environment. “You must design everything with a mobile-focused mindset,” Dintrans says. “This is a key inflection point: You can have the best experience on the web, but if it’s not mobile, a lot of savers will move to other banks.”

What savers don’t want is more time-consuming trouble for themselves in the new world of unbundled financial services. The success of digital banking is therefore predicated on the possibility that savers can assemble a suite of financial products and services that they can move between quickly and easily.

“The winners wil l be able to provide a superior customer exper ience, s impl ic i ty and relat ively comprehensive services, all of it through digital channels,” Dintrans says.

“Digital banks need to strike the right balance between convenience and security,” says Caplain.

The evidence thus far is that savers increasingly believe they are doing so.


ACKNOWLEDGMENTS

METHODOLOGY

Forbes Insights and Citizens Access would like to thank the following individuals for their time and expertise:

• David Blumberg, Founder and Managing Partner, Blumberg Capital

• Judd Caplain, Partner and Head of Global Banking and Capital Markets, KPMG

• Brad Conner, Vice Chairman, Consumer Banking Division, Citizen’s Financial Group

• Julien Courbe, U.S. Financial Services Advisory Leader, PricewaterhouseCoopers

• Philippe Dintrans, Senior Vice President and Chief Digital Officer, Cognizant Banking and Financial Services

• John Rosenfeld, President, Citizens Access

• Sonny Singh, Senior Vice President and General Manager, Oracle Financial Services

Forbes Insights’ exploration of the direction of digital banking was grounded in a survey of 1,087 banking customers across the U.S. We surveyed individuals from all age groups over 18 and with incomes above $50,000 per year and at least $100,000 in investable assets. Forty-eight percent of respondents were male, and 52% were female. They came from almost all states, with the biggest groups being from California (14%), New York (8%), Florida (8%), Texas (8%), Pennsylvania (5%) and Massachusetts (5%).

Respondents represented a broad range of experience and practices, from individuals with a high level of financial knowledge to self-described novices; from hands-on managers to less active savers; and from individuals whose primary savings goal is preserving wealth to those focused on accumulating assets for retirement. We also compared the habits of individuals who now have at least one account with digital banks with those who have none.

Some numbers in the charts may not add up to 100% due to rounding.

LOCATION OF RESPONDENTS

14%

8%

8%

8%

5%5%

52%

California

New York

Florida

Texas

Pennsylvania

Massachusetts

Other


ABOUT FORBES INSIGHTS

Forbes Insights is the strategic research and thought leadership practice of Forbes Media, a global media, branding and technology company whose combined platforms reach nearly 94 million business decision makers worldwide on a monthly basis. By leveraging proprietary databases of senior-level executives in the Forbes community, Forbes Insights conducts research on a wide range of topics to position brands as thought leaders and drive stakeholder engagement. Research findings are delivered through a variety of digital, print and live executions, and amplified across Forbes’ social and media platforms.

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Overcoming Myths: What’s Driving the Shift to Digital Banking107e78aa-3f0b-4fa2-890d-9… · spending in a rainy-day account. But retirement is by far their highest priority. Almost