In the same month , ING announced 1,000 job cuts and the closure of consumer banks in several overseas markets . Simultaneously the Dutch banking giant boasted more than 213,000 new primary customers who were attracted by its digital offering , and a steady increase of 5 % year-onyear in mobile interactions .
These contrasting examples are emblematic of the biggest shifts in consumer banking . The outbreak of
COVID-19 is the proximate cause , forcing consumers to rely more heavily on digital interactions and ditch physical cash in favour of contactless payments . In its April 2020 study ‘ Remaking banking customer experience in response to coronavirus ’. McKinsey found that while only a third of US banking customers used a mobile app more than once a month , those that did had a higher customer satisfaction rate , and average deposit .
53 fintechmagazine . com