Pandemic may push the shift toward digital banking, despite resistance from an aging demographic.
While consumer preference for digital banking is steadily growing in Japan, insights from the Japan Digital Banking Consumer Trends Survey indicate that the majority of non-users (73%) are likely to stick to the status quo, signaling resistance towards digital banking adoption among an older demographic.
BackBase’s newly appointed Country Director and Regional Vice President for Japan and Korea, Jason Lee, said: “Backbase is primed to enable traditional banks and financial institutions unlock the full potential of end-to-end digitization and bridge the digital banking gap in Japan. The health pandemic has also prompted consumers to seek digital alternatives, making it critical for banks to adopt a digital-first approach, offering holistic solutions and a unified omnichannel banking experience to allow customers to transact seamlessly regardless of preference.”
Insights from the study – commissioned by BackBase and conducted by YouGov Singapore – also highlighted the top pain points currently faced by Japanese customers, which underscore the importance of digital banking services, which will greatly complement and improve customer engagement.
Check out this infographics for more findings.
