Get ready for more banks. Digital ones, that is.

New data shows that consumers — and financial institutions — are more inclined toward greenfield digital banks.

In a recent survey by Fiserv, 86% of respondents said they would consider leaving their bank, if they could not easily manage their accounts online. Additionally, 82% of respondents expect all digital experiences to be identical or of higher quality than what they receive from consumer technology giants like Amazon or Apple.

Eric Brandt, D3 Banking Technology‘s senior market analyst, offered Bank Innovation some additional perspective:

Customers today demand seamless digital experience from all service providers they interact with, including their banks. Unfortunately, many banks’ digital experiences are not yet living up to these expectations. If banks aren’t actively implementing more modern and agile platforms and defining long-term strategies to enhance digital interactions and increase the speed at which they can introduce new capabilities, they risk becoming irrelevant in the digital age.

The answer seems to be a de novo digital bank. A recent report by Swiss banking software provider Temenos found that 36% of banks surveyed said they were involved in building a greenfield digital bank. And 31% of respondents said their strategy included investing in fintech startups. Another 25% said they were engaged in building a fintech.

Further, a new Citibank report, recently covered by Bank Innovation, argued that traditional banks should consider launching original digital brands. The report stated that incumbent banks face up to a 30% revenue hit from both challenger bank and big tech companies.

“Although banks’ innovation strategies remain focused on digitization, open banking and growing their partnerships with fintechs in the retail banking sector, they are also looking to build from scratch,” the Temenos report said.

Fintech partnerships seem to be offering greater appeal to traditional banks. A recent report from Fraedom found that 73% of U.S. commercial banks are considering new fintech partnerships for a wide variety of vital, strategic reasons.

D3’s Brandt said consumers are becoming more educated and can research products easier than ever before, posing an additional challenge for traditional banks.

Some of the newer digital-only banks are able to offer outstanding rates and great digital experiences that traditional banks can’t compete with. On top of that, digital has become the primary touchpoint through which banks interact with their customers, so it makes sense that many banks are starting to consider launching digital-only or digital-branded banks to compete and attract customers that they are on the verge of losing. For these digital banks to be successful, however, the digital experience must be more frictionless, convenient and intelligent than most banks currently deliver.

This vision for future banking is being embraced by today’s bankers. Alex Carriles, head of online banking at BBVA Compass, at Bank Innovation Ignite 2019 last quarter, predicted that new technology will allow for banks of the future to be “interacting with a user, advising them on what to do, giving them the best next step to take, instead of reacting to requests from the customer.”