JD Power Survey reported that the 4 largest US banks saw digital useage reach 72% penetration in April 2020. Additionally, FIS reported seeing new mobile banking registrations increase 200% with the spike of coronavirus and digital banks saw significant rise in account openings, with customers using a digital bank for their primary account up 67% since the start of 2020.
As consumers shift to expect digital, challengers have been more agile to keep up with demand. Incumbents need to focus on infrastructure upgrades to support this shift.
"AI used well should be a huge, powerful engine for growth. In fact, no competitive company will be able to live in the future without it. How we use it responsibly is to ensure we capture all the power, but without the unintended consequences of bias, and bias at scale. "
Chief Operations and Technology Officer
Bank of America