In Mexico, digital banking services are growing more and more, but there are many features that traditional banking users take into account when switching to a 100% digital model. Akamai Technologies recently conducted a survey of more than 1,000 Mexicans who use financial services to find out what they expect from digital banking services. This is how they informed Cointelegraph en Español through a statement.
Criteria such as ease of access, data security, low fees and usability, are indicated as the main criteria for choosing a financial institution. Other factors are also taken into account, such as the simplicity, whether performing tasks in the bank or using the app, as 3 out of 10 respondents mentioned that they would stop using the digital bank if its use was too complex. At the same time, the innovation it is a factor that would make users replace a traditional bank with a digital one.
Claudio Baumann, General Director of Akamai in Latin America, stated: “It is necessary to balance simplicity with innovation to attract the public. Innovative but simple platforms are the answer so that more and more users approach digital banking”.
Quick and easy access to the internet, along with mobile applications, allows procedures that were previously done in person, with a single click. The age of technology has opened the doors to countless everyday conveniences, including those related to personal finance.
What do Mexican users expect from digital banking services?
66% of the respondents mentioned that access to the bank at any time was important, as well as the ease of such access. This could explain the growing demand for the use of digital banks. It is possible to notice that access is something very important for users, especially in digital banks, since the main reason that would make users abandon their digital bank is, precisely, the different access problems, according to 60% of respondents. Another essential factor for users is the security of your data and information staff, something that 49% of respondents said. Failure in the security of personal data or information management would cause more than half of those surveyed to stop using the service.
The use of digital banks as a generational phenomenon.
Although most users feel safe in the use of digital media, there seems to be a direct relationship between age and this feeling. The younger they are, the greater their sense of security.
The use of digital banks is on the rise, especially among the youngest; 20% of people between 20 and 29 years old have greater adherence to the digital account.
Baumann emphasized: “This survey revealed a significant generational gap in the use of digital banking in Mexico, however, a growing interest in these services by older users could also be observed, which could predict an increasingly smaller gap in which digitization reach all generations”.
Security: essential to attract digital banking users
Users of traditional and digital banks are not afraid to use their traditional banks’ digital channels, such as apps, or online banking services, as 86% of respondents said they feel safe using these services. This confidence in digital is greater among young people between the ages of 20 and 29, a generational sector in which 92% of respondents answered that they felt confident about using digital banking services, in contrast to 71% of users over 60 years of age. Nevertheless, there is still a feeling of lack of security in 100% digital banks, which are not part of a traditional bank. In entirely digital banking services, 40% of respondents consider the security factor as a disadvantage.
Baumann highlighted: “This has to do with the lack of face-to-face contact, which continues to be important for Mexicans when choosing a bank.”. He also clarified: “Having the possibility of human contact is important for users, especially when clarifying doubts or solving problems. Users do not seem satisfied when trying to solve their problems by interacting with artificial intelligence, both in banking and in other services”.
Omnichannel is the key to growing in the Mexican market.
In the progress in digital channels to access banks, use of call centers and branches remains high, being used by 59% and 49% of customers, respectively. Chats are in third place, used by 31% of respondents, followed by email, at 29%. Communication channels through chat apps, despite having a growing acceptance, are still less used, being the option for only a quarter of those surveyed.
This only highlights the Importance of institutions adopting the use of omnichanneloffering customers what they are looking for regardless of the access channel.
Although digital brings a lot of convenience, there are some disadvantages that users see in the use of digital banks. Technology can avoid a lot of bureaucracy, but human contact is still expected by 43% of respondentsas well as the lack of physical branches, which can lead to a feeling of lack of security on users. Precisely, the lack of security was the second most cited factor as a disadvantage of a digital bank, with 40% of the responses, which reiterated that security is a very important condition in relation to the subject and should be highlighted.
Baumann ended by expressing: “Security is an important attribute for users, something that institutions can and should offer as an integral part of their offers in the most transparent and guaranteed way possible for the client. Make this client trust the institution and not have to worry”.
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