Trust in the security of digital services is low, and most consumers still want to be able to talk to a human for answers to their financial questions.
Albany, NY -- (SBWIRE) -- 09/29/2017 -- The U.S. financial sector is facing a number of significant headwinds as new game-changing services are created online. While some customers are satisfied with the digital services offered by their financial institutions, further improvement will always be welcomed. Data leaks have dominated the public consciousness in the 21st century with people being wary of digital services and their claims of fool-proof security. Most customers still express a strong desire to interact with another human being for all queries pertaining to their financial transactions. Even though financial institutions are trying to actively convert their customer base into adopting a digital lifestyle, the importance of the human touch will probably never ebb away completely. Striking the right balance is the need of the hour and thus Market Research Hub has recently added the 'U.S. Digital Trends in Finance - September 2017' to its repository hub.
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Scope of the Report
The report begins with an executive summary that is concise and comprehensive. It includes the definition coupled with pressing issues that need to be tackled in the U.S. digital financial market. A key one is that mobile devices are hardly ever used to access financial accounts – a major challenge in a world that is increasingly a 'mobile first' one. Although the vast majority of Americans own a smartphone, less than half of them regularly used banking apps in the month of June 2017. The use of mobile apps has been laid down according to gender in June 2017 and it seems that millennials are highly likely to prefer local bank branches.
The report has discussed the ample opportunities that exist in the market and advises alternative institutions to target young customers in particular. The attitudes of different demographics towards online mobile services have been mentioned with the report providing a thorough explanation of how to use them. Cross-selling in particular could be especially useful to these influential customers of the future. The report has focused on the growth in IoT technology and the sale of devices amongst individuals with a higher disposable income. A substantial percentage of high earners wish to purchase a new device soon and the report has all the necessary information on how to make them financially and digitally literate.
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The report has stressed that the human touch is slowly but surely reducing in importance with the rise of mobile-only banks, microadvice, and banking with ecommerce behemoths such as Amazon. What's working and what's not has been compared and contrasted to allow readers to gain a firm grasp on the intricacies of the market. A few of the key facts that must be known have been highlighted. For e.g. - Men have more varied account types than women, Hispanics overwhelmingly choose mobile apps, many believe mobile apps are risky and unnecessary, mobile payment usage is growing among Gen Z, and human access is important to older generations.
Certain abbreviations have been used in the report and these have been explained to dispel any confusion. The appendix analysis and methodology conclude this informative report and readers are advise to peruse through these sections at leisure.
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