For banks that started as brick-and-mortar centers, the world has changed. Older generations of banking customers, including the highly active baby boomer demographic, are increasingly turning to digital technologies to handle their banking needs, from bill paying and investing, to depositing and borrowing.
Meanwhile, younger generations are less apt than their predecessors to take out home or auto loans or make investments, partially due to slow economic growth in the U.S. and elsewhere in the world. At the same time, upstart secondary or nontraditional financial services organizations (aka, fintechs) are increasingly eating into the loan, credit, payments and investment pie that banks once exclusively claimed.
Globally, digital consumption and purchasing behaviors have also undergone rapid acceleration. While customers young and old still gravitate toward bank branches when they reach financial milestones, transactions are increasingly moving online. Here are five ways bankers can follow the money.