If you are in the banking industry and asking yourself this question, you have some work to do.
But you are not alone. A recent KPMG report says that 57% of legacy banking institutions are only in the planning phases of upgrading their systems to provide more mobile digital banking services.
And fintech competitors are "nipping at their heels", happy to take advantage of what is clearly a "disconnect" between today's financial services consumer and the banks that serve him. And here are some additional statistics that should give you pause.
A Price Waterhouse survey of global banking in 2017, as reported by seismic. com, shows that consumer behavior, relative to how they bank, is shifting rapidly and significantly.
81% of consumers have a smartphone and 60% of those report that they use mobile banking. Compare this with only 36% in 2012.
Those using omnichannel banking (brick & mortar and digital) constitute only 47% of consumers today.