Survey Highlights Digital, Traditional Bank Challenges

The increased use of smart devices, improved connectivity, and today’s hyper-demanding customers are driving the need for digital transformation in the finance sector. Digitization is slowly winning over in Mexico, and this year Akamai started exploring the relationship between digital services and banking in Mexico, with a survey in April 2022 of  more than 1,000 internet users from different regions in Mexico. 

The survey revealed that the main concerns of Mexican clients are security and privacy, and shows that people are starting to digitalize their activities when it comes to banks; however, traditional banks continue to be the main choice among consumers (84 percent).
During the pandemic, everyone’s routine changed and we were forced to interact more in a digital way in most aspects of our life. People realized how easy it is to do everything online yet the survey exposed that consumers still feel that some face-to-face services are necessary, according to 43 percent of respondents. 

Even so, it is possible to see the potential of exploring the digital path, as 80 percent of respondents already know the digital modality and almost half said they are willing to open a digital bank account.

Traditional Vs. Digital Banks

With the market’s digitalization, we can observe that adherence to digital banks has become popular among Mexican users, especially among the youngest: 20 percent  of people aged 20 to 29 have greater adherence to digital accounts. They feel more comfortable getting online services, but the path has been slow so far: the survey revealed that 39 percent of Mexican users only use traditional banks. Nevertheless, of users who do not have a digital account, 74 percent said they were willing to open an account in a digital bank.

Traditional banks with digital apps and websites also gradually seem to be getting their clients accustomed to digital tools, but moving to a 100 percent digital bank service remains an unexplored field for some Mexican bank users.

Choosing a Bank

The survey also showed that Mexican consumers mainly want to be able to access their bank at any time (66 percent) and they want ease of access (62 percent). Ease of access is very important to users, especially in digital banks, since the main reason that would make users abandon the digital bank is, precisely, access problems (60 percent). 

In third place as an indispensable factor for users is the security of data and personal information (49 percent), which is also the second-biggest reason that would make users stop using a digital bank (53 percent). 

The greatest challenge for digital banks is to guarantee security, privacy, and easy access for  their clients. Digital finance companies need to establish strong engagement with their potential customers.

Needs of a Digital Bank

Quick and easy access to the internet and applications from mobile phones have made it possible to carry out tasks — previously done in person — with just one click. The age of technology has opened doors to countless everyday facilities, including those related to personal finance.

Those who have not yet joined mentioned certain characteristics: 24-hour access (54 percent), security (43 percent), and convenience (42 percent). Not going to the branch in person was also highlighted  as an important factor, at 36 percent.

Consumers feel secure in using digital media and the younger they are, the greater their sense of security. They seek easy access to their banks at any time of the day, in addition to data security, which is also essential when choosing a bank. 

Security in Digital Financial Services
Users of both traditional and digital banks are not afraid to use their banks' digital channels. This trust in digital is higher among young people, aged 20 to 29 (92 percent). However, even though it is a smaller percentage, the age group over 60 also feels safe using these services. This might be because these traditional banks’ digital channels are backgrounded for their face-to-face interactions.

About 35 percent of users say they have had a problem with security, either through an application or through the internet, which shows that there is still a perception gap to be addressed. 

For instance, new payment systems were created to make the day-to-day easier, both for users and for the bank itself. CoDi (a platform that uses NFC communication or QR code-reading technology to transmit a collection message from the seller to you as a customer) is the most recent among them; however, its use has not been fully adhered to in Mexico due to the lack of knowledge about the mechanism's practice. Debit cards continue to be the most-used payment method with 71 percent, followed by cash (58 percent) and credit cards (44 percent), meanwhile, the QR code has only 8 percent of use. 

The method considered least safe by all profiles is CoDi, showing that banks have an significant challenge in educating their customers, both for payment methods and digital financial services.

–

About Akamai Technologies, Inc. (NASDAQ: AKAM), the company in the cloud that empowers and protects life online

Akamai empowers and protects life online. Leading companies around the world choose Akamai to create, deliver and protect their digital experiences, helping millions of people live, work and play every day. Powered by the world's most distributed computing platform, from cloud to edge, our customers can easily build and run applications, while bringing experiences closer to users and keeping threats at bay. For more information on Akamai's IT, security, and delivery solutions, visit akamai.com y akamai.com/blog, or follow Akamai Technologies on Twitter y  LinkedIn.