TimeTrade SilverCloud Releases ‘Digital-First Banking Trends Report’

Analysis of customer engagement trends reveals new opportunities for financial institutions to improve digital experience

TEWKSBURY, Mass.--(BUSINESS WIRE)--TimeTrade SilverCloud, the industry-leading provider of customer engagement solutions, today released its “Digital-First Banking Trends Report,” examining customer engagement trends with banks and credit unions over the span of the first year of the pandemic from March 2020 through March 2021.

The report is based on usage data of 400+ financial institutions utilizing the customer self-service and appointment scheduling solutions supported by TimeTrade SilverCloud. Key findings include:

• Self-service activity on bank and credit union websites increased 69%;
• Usage of self-service content on mobile banking apps increased 82%;
• Chatbot usage on bank and credit union websites and mobile apps increased 272%;
• Pre-scheduled appointments per branch increased 79%; and
• Business banking and retail banking appointments saw the greatest year-over-year growth in scheduling.

“To accommodate changing consumer behaviors and preferences, banks and credit unions are pursuing a Digital First strategy that includes delivering self-service content and functionality,” said Bill Clark, CEO of TimeTrade SilverCloud. “The pandemic restrictions of 2020 changed consumer expectations, and banking customers turned to digital channels to conduct everyday – but essential - tasks. The increased demand for self-service in digital banking sustained the initial spike, and has persisted one year later, indicating a marked change in how people choose to interact with their financial institution, even as restrictions begin to be lifted. As banks and credit unions contemplate their customer experience strategies, self-service content, robust digital journeys, and seamless scheduling capabilities will be paramount to their success.”

Read TimeTrade SilverCloud’s “Digital-First Banking Trends Report” here.

About TimeTrade SilverCloud

TimeTrade SilverCloud is the industry-leading provider of customer engagement solutions. Trusted by more than 400 financial institutions, our self-service, knowledge management and online appointment scheduling solutions ensure the right answer, at the right time, delivered by the right resource. Organizations that use our solutions help their customers help themselves and help employees help customers, resulting in expanded customer relationships, optimized operational efficiency and increased revenues. For more information, visit www.timetrade.com. Follow us on LinkedIn and Twitter.