Digital Banking Saves Time and Effort
On the user end, the main value proposition of digital banking across all respondents could be summarized as an economy of time and effffffort. 24/7 access to transactions was naturally the top rated benefit, with 38% of respondents citing it as an adoption motivator (44% and 42% of respondents in the UAE and Lebanon respectively). This was followed by ease of access to transactions and ease of follow-up on these transactions (29% of all respondents in each case). By contrast, cost savings (such as low bank fees and cheaper bill payment) had the lowest rating among respondents (17%) as benefits of digital banking.
The leading barriers to adoption are related to trust. 40% of non-adopters said they preferred to deal with their bank directly, and 27% raised concerns around the security of digital banking. These sentiments were highest among uses in Lebanon, Jordan, and Egypt. These findings indicate that non-adopters may be readily converted into adopters by easily buffing up security to address their concerns.