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Banks have been talking about digital transformation for years. When the COVID-19 pandemic hit, it accelerated the pace of digital adoption. There are currently 200 million digital banking users in the U.S., and globally, the number of mobile and online banking users is on track to reach 3.6 billion by 2024. Even with brick-and-mortar banks fully open, four in five clients in J.P. Morgan’s Digital Banking Attitudes Study said they still prefer to manage their finances digitally.

This digital leap forward has clients asking: What does the future of banking look like? And how does it affect my local community bank? Here are three of the latest digital trends:


Consumer Adoption Based on Convenience

Banks know they need to continue providing tools for clients to bank anytime, anywhere, and are focused on improving their digital channels. According to PWC, 77% of traditional banks plan to further invest in internal innovations to help clients bank in the digital space. Community bank clients have the best of both worlds. They can take care of day-to-day banking online, and benefit from high-touch service in person when they have more complex needs. A few convenient features that Park Bank offers to clients include:

Online Banking

Mobile Banking

Video Banker 


The Growth of Cybersecurity

With the high volume of sensitive financial transactions taking place in cyberspace, the banking industry is increasingly focused on protecting clients’ personally identifiable information. NoWires reports that, in general, banks are allocating about 10% of their budgets to cybersecurity. For large institutions, this amount translates into hundreds of millions, and even billions. As an industry, banks have the highest level of security among critical U.S. industries (American Banker Association), and stringent regulatory protocols that enforce customer cybersecurity and protection.


Customized Digital Communication

The growth of automated services like live chatbots, voice response, and artificial intelligence has helped both clients and banks alike. Clients can get assistance more quickly, at a lower cost, and with greater efficiency, and banks can then allocate resources to further digital investment. Digital “knowledge” also leads to a more personalized, customized online experience. Banks are further rethinking all aspects of customer engagement and how it translates digitally - from marketing to customer service to financial guidance. In the years to come, clients can expect more and more new ways to interact with their banks online or in mobile apps.


At Park Bank, we will continue to stay abreast of future trends, while honoring our roots as a local community bank. You can learn more about our banking technology here.