Last year, consumers and businesses spent more time online, made more online transactions and began working remotely. That radical and immediate shift to digital channels impacted most facets of life, and banking was no exception.
Mobile and online banking rates increased significantly, as did overall digital transaction volume. A recent BAI report shows that “43% of consumers [are] doing all of their banking digitally”. But with the benefits of digital engagement come potential downsides, both for consumers and financial institutions (FIs).
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