“The risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally,” said Aashish Sharma, risk lifecycle and decision management leader for FICO in Asia Pacific. If customers prefer digital channels during times of hardship, it seems to me we could expect branch banking to continue its decline,” explained Sharma. Survey across Asia Pacific revealed 1 in 3 consumers prefer to have their banking needs serviced by a bank. “To consolidate and strengthen main bank engagement, lenders need to offer digital banking features that compete with the challengers to ensure the stickiness and viability of long-term customer relationships,” added Sharma. Reasons to switch banksWhen asked about reasons about making the switch to a competitor, 38 percent of Filipino consumers said number one would be to secure improved personalization and controls in their digital banking service.

Source: Manila Times March 13, 2021 16:30 UTC