There are immense opportunities for financial services providers aligning their products and services with digital—and limitations for those who are behind on embracing digital transformation. Across generations and income, more consumers are drawn to digital, and digital accounts are leading in satisfaction because they fit into consumers' lifestyles, are convenient and provide consumers with greater access to their money. However, that doesn't mean that digital-only banks will overtake traditional banks and credit unions in terms of market share. All providers can and should deliver on digital. And for many consumers, getting comfortable with digital features within an existing account could be the first step toward higher satisfaction and loyalty as well as future adoption of other solutions.

Despite 77% of U.S. adults still using traditional banks, research shows that 43% of their funds are kept elsewhere, and 61% of consumers are somewhat or highly likely to switch to a digital-only provider. A recent survey confirms that convenience, access, security, digital features and lower fees are table stakes. The real differentiation and innovation will happen around rewards, tailoring products and services to specific niches across values, affinity groups and demographics. At the same time, consumer appetite for managing their money, paying bills and earning rewards through existing relationships with non-financial companies suggests there's also an opportunity for traditional financial institutions and fintech firms to partner with non-financial businesses to reach more consumers. What's more, the opportunity is no longer limited to banking institutions. Non-financial businesses of all kinds are deploying innovative new user experiences and embedded financial solutions that are redefining the future of financial services—including how, why, and where consumers keep their money.

Driven by rapid payments technology innovation and shifting consumer behaviors, the intersection of data, technology and finance has never presented greater opportunities for businesses looking to change how money moves around the world. Learn what you need to know to grow your market share.