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Classified in: Science and technology, Covid-19 virus
Subject: Survey

Harris Poll Research: AI Looms Large on the Digital Banking Frontier


SRM (Strategic Resource Management), an independent advisory firm serving financial institutions and other key industries, commissioned a consumer survey late last year to assess changes in banking habits due to the effects of COVID-19. Leveraging data collected from the study, SRM's digital practice and members of the analytics team at SRM Europe assessed how consumer banking behaviors might change or revert once pandemic restrictions were lifted.

The survey, conducted among 2,045 US adults in October of 2020, with an even distribution by age range, gender, geography, and income level, explored how consumers were engaging with their financial institution six months into the pandemic. The questions were largely randomized, some with multiple responses.

The findings show that the pandemic has changed banking habits, but the impact is not uniform. There is a distinction between those who use online banking for information versus processing transactions. Of those using it to process transactions, there is an appetite for banking services using a virtual assistant.

Financial institutions can use these results to understand how their operating model currently delivers against this changing demand and adapt to post-pandemic consumer expectations.

Key findings show:

SRM's first and second surveys asked financial institutions how long they expected the effects of the pandemic to last. Brad Downs, CEO of SRM, said, "In this third survey, our goal was to assess how consumers had progressed in their thinking since US pandemic restrictions began. With the country still recovering from COVID-19, it is incumbent upon our advisors to stay prepared with foresight into these critical areas. By collecting this kind of data, we can also be better guides for a longer journey toward improving operational efficiency ? whether through the use of automation or other digital tools."

Downs adds, "As we all move forward with re-engineering our technology and processes, the ability to respond quickly will determine who thrives. From either side of the Atlantic, SRM analysts will continue researching financial services and consumer behavior data to help organizations navigate whatever comes next."

About SRM

SRM (Strategic Resource Management) has helped more than 1,000 financial institutions add $3.6 billion of value to their bottom line in areas such as payments, digital transformation, core processing, artificial intelligence, and operational efficiency. SRM's decades of experience have lowered costs, grown revenues, increased productivity, and provided a competitive edge for clients in an environment of constant and accelerating change. Visit www.srmcorp.com for more information and follow on LinkedIn and Twitter for timely and relevant insights.


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