Digital-First Banking Trends and the Change in Consumer Behavior a Year After the Pandemic

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Bill Clark, CEO of TimeTrade SilverCloud joined credit union expert Robert McGarvey on the CU 2.0 Podcast to discuss the latest digital banking trends.

TimeTrade SilverCloud recently released its  Digital-First Banking Trends Report.

The report examines usage trends related to digital self-service and appointments as financial institutions navigated the challenges of the pandemic from March 2020 through March 2021. Listen here.

Report Highlights:

  • Self-service activity on bank and credit union websites increased 69%
  • Usage of self-service content on mobile banking apps increased 82%
  • Chatbot usage on bank and credit union websites and mobile apps increased 272%
  • Pre-scheduled appointments per branch have increased 79%

Listen to the podcast below as Bill and Robert dive into these trends and discuss how the pandemic changed the way people bank and what consumer behavior looks like a year post COVID.

“Once it became safe to use any channel again, including going to the branch, a few went back to the branch, they went right back to the way things were before the pandemic, but a significant portion have changed their behavior forever.”

-Bill Clark, CEO at TimeTrade SilverCloud

Don’t have time to listen to the whole podcast? Jump to the question/topic your interested in:

  • 07:00 – On augmenting the info you offer as consumers seek more information
  • 08:49 – Have you found that people look for information digitally when the answer is potentially embarrassing?
  • 10:36 – Increase in mobile banking for information instead transactions
  • 12:30 – Mobile banking as consumers’ primary channel
  • 15:50 – Obstacles to getting to an acceptable level of self-service at mid-tier financial institutions
  • 27:42 – Average daily usage of Knowledge Bases increase year over year – Is that starting to fall?
  • 33:30 – Is the increase in chatbot usage because chatbots have gotten so good?
  • 34:58 – Is the increase in prescheduled appointments because banks and credit unions were requiring that?
  • 38:00 – What size credit unions does TimeTrade SilverCloud service and how many do they serve?
  • 38:23 – Credit unions vs. community banks – Same or different?
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Written by Olivia Ross

As a Digital Marketing Specialist at TimeTrade SilverCloud, Olivia is responsible for growing company awareness and engagement across digital channels. When she’s not working, you can find her at the lake, hiking, or working on a side project.

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