The pandemic has driven more consumers than ever to bank by mobile app, and seven in 10 would use a chat app for banking if their bank offered it, a new study shows.
But the availability of digital technologies at retail banks and the explosion of fintech challengers is eating away at the credit union CX advantage. One study from the Everest Group found that less than 5% of credit unions in the U.S. had a mobile banking app as of 2019. Retail banks, meanwhile, invested heavily in digital technologies before and during the pandemic, and those investments have scored well with consumers.
