Contactless payments and cashless transactions are becoming the norm as most financial institutions report that the use of cashless options by their customers has increased over the past two years, according to a recent report from the digital banking platform provider Alkami. The company surveyed 152 finance executives and found that nearly 80% of respondents said cashless transactions had increased, with two in five reporting an increase of 20-40% and one in five reporting an increase of more than 50%. %.
The survey also explored customer adoption of cryptocurrency. Around 21% of survey respondents said their account holders request Bitcoin products and services, while nearly 30% said they were “not sure”. Despite the relatively low volume of consumer inquiries, 35% of bank respondents said adding Bitcoin products and services to their digital menu would provide a competitive advantage, according to Alkami.
Additionally, the company found that most banks use some form of data analytics to optimize performance or reach new markets. Respondents said they use data to provide a better member and client experience (86%), guide decision-making (72%), and reduce development time and costs (23%).