Banking is changing, and financial institutions must transform to serve the demands and expectations of today’s consumers, or risk losing ground to neobanks and other digital challengers. To guide that critical transformation, Galileo Financial Technologies and Datos Insights collaborated on a poll of 2,500 U.S. consumers, surveying respondents on their activities, preferences and pain points when it comes to how they bank. The research unveiled some surprising results–and valuable, actionable insights FIs can use to:

• Strengthen their position as consumers’ true primary financial institution.

• Drive stronger customer acquisition to enhance their lifetime value. 

• Offer more personalized products and services that meet consumers at the point of need.

• Create data-driven solutions through intelligent interactions to defend against digital-first challengers.