DECLINING BRANCH VISITS

The study found that branch visits have declined by 5 per cent compared to one year ago, while mobile and online banking usage has increased by 10 per cent since 2020, with 88 per cent of customers now willing to open a digital-only bank account.

The most important – and appealing - features for virtual institutions are instant account opening, easy bill payments, and personalized offers, with instant virtual credit cards and Peerto-Peer (P2P) payments also beginning to gain traction.