New Study by Glassbox Uncovers Top Consumer Demands for Digital Banking and AI Integration (2024)

Security and reliability emerge as top priorities, with more than half of consumers saying they would leave their bank if they were involved in an AI-related scam

NEW YORK: In a revealing new report, Glassbox, the premier provider of AI-fueled customer intelligence solutions, uncovers what truly matters to banking customers in 2024. The report, titled "The State of Digital Banking 2024," highlights consumer priorities and concerns when interacting with banks and financial institutions online and through mobile apps. Aimed at uncovering the features and capabilities that drive sustained adoption and customer loyalty, the survey of 1,000 U.S. consumers found that 90% prioritize the security of personal information as important or extremely important when using their bank's digital channels.

The survey insights underscore customers' focus on AI fundamentals such as security and reliability over AI personalization when it comes to digital banking experiences. The data shows that the convenience of mobile has not overshadowed these core needs—87% of respondents said overall reliability and a lack of errors are essential when conducting transactions via app or website. Customers want and expect reliable, consistent experiences when accessing financial information and resources.

Additional key findings from the Glassbox survey include:

• Over 50% say security is an extreme priority for digital banking
• 66% want a consistent, seamless experience across their bank's app and website
• 79% cited quality of customer support across digital channels as important
• 63% consider personalization based on past activity/history as important

The survey also explored attitudes toward AI integration in banking. While many are optimistic about AI's potential, trepidation exists:

• 60% view AI as both an opportunity and a risk for banks
• Gen Z respondents were most likely to see AI integration as more harmful than helpful
• 47% cited security risks as their top AI concern from banks
• Still, 59% are comfortable with banks using AI to detect potential fraud

“Banks are under immense pressure to deliver secure, error-free digital experiences, and our survey reveals a critical need for transparent communication about AI use to ensure customers feel safe and informed,” said Keith Darter, VP of Financial Services at Glassbox. “Financial leaders must prioritize robust security measures and consistent reliability while being clear about their AI implementation. Meeting these consumer expectations will not only build trust but also enhance loyalty and confidence in an increasingly digital world."

These findings serve as a wake-up call for banks, highlighting the urgent need to prioritize security and reliability in their digital offerings. Equally important is the need for clear, proactive communication about AI use and related security measures. The Glassbox survey revealed that 85% of consumers expect proactive communications from their banks about how they’re using AI, and more than half of consumers would leave their banks if they were victims of AI-related fraud.

As AI-focused scams continue to rise, particularly with younger generations showing heightened sensitivity to AI risks, banks must adapt to maintain trust and satisfaction. Additionally, staying compliant with consumer regulation trends, such as those governing consumer duty and Buy Now, Pay Later (BNPL) services, is crucial. Glassbox's approach emphasizes adhering to these regulations while enhancing security and reliability in digital banking. For more information on Glassbox’s AI offerings and digital solutions for banks and financial institutions, visit: Glassbox Solutions for Financial Services.

For an in-depth look at the survey findings, check out our latest blog post: “RESEARCH: The State of Digital Banking 2024.”

Survey Methodology: Results are based on a survey conducted by Dynata on behalf of Glassbox, reaching a representative sample of 1,000 U.S. consumers aged 21+. The survey was conducted in May 2024.

About Glassbox

Glassbox is the premier provider of AI-fueled customer intelligence solutions, working with the world’s smartest digital brands to revolutionize the way companies engage and connect with their customers online. Purpose-built for the enterprise, Glassbox securely captures data across infinite digital interactions to understand the root causes behind customer behaviors, transforming data into decisions so brands can act in mere minutes. Customers across industries and geographies, including Marriott Hotels & Resorts, Quicken, Inc., Credit.com, Danone, L’Oreal, Nestle, Ace Hardware, Air Canada, and 60% of the largest U.S.-based banks, choose Glassbox to translate deep customer insights into enhanced digital experiences, leading to improved brand loyalty, conversions and revenue. Glassbox has been recognized for its industry prowess and strength of its solutions by G2, named a G2 Top Software Company and a leader in multiple categories based on high satisfaction scores from real customer reviews. To learn more about the brain behind the smartest digital brands, visit: www.glassbox.com.

Fonte: Business Wire