According to the survey conducted by Juniper Research the findings showed that banks need to be more than technologically competent, with users’ top priorities including sign-up benefits and good rates, and which are often seen as more important than digital features.
According to Juniper Research, digital integrations are less important to consumers, with 26% of US switchers reporting integration with other services as important - while in the UK, where Open Banking integrations are available, only 13% of switchers consider this a reason to switch.
The survey also found that almost half of UK mobile banking users were unsure if they had used Open Banking services; pointing to an awareness gap that Juniper Resesarch says needs closing for Open Banking to be successful.
The survey found that COVID-19 has greatly increased contactless payments use, with 60% of US contactless users stating COVID-19 safety as a reason to use contactless payments.
And despite the head start OEM Pay had in the US, 89% of American contactless payments users now use contactless cards, and 35% of current non-users are expecting to start using cards in future.
“However, use of OEM Pay solutions remains strong, with 85% of US contactless users using at least one OEM Pay solution,” Juniper Research says.
"Contactless cards have become a key feature for the US payment landscape, in large part because of COVID-19," research author James Moar said.
"With strong OEM Pay usage, situational use of the different contactless payment solutions will emerge; potentially leading to specialised solutions in future."
For more insights into the Juniper Research report, download the free whitepaper, mCommerce & mBanking ~ What Consumers Expect.