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Cynergy Bank Finds Young Millennials Believe Digitisation Means Less Tailored Products

Having grown up with technology, it would be understandable to presume that young people would have liked the extreme digitisation the world has witnessed due to COVID-19, however, research from Cynergy Bank suggests that 18–34-year-olds were the most disappointed with digitalisation and 64% of this age group believe that customer relationships with banks have become worse due to less human interaction.

Prior to the pandemic, internet banking was already an integral part of banking for many, but during the pandemic, customers moved online in considerably larger numbers. The move was not appreciated by all though, as 58% of 35–54-year-olds and 61% of over 55-year-olds were also disappointed with digitisation due to less human interaction.

Not only did the 18–34-year-olds feel that bank and customer relationships have suffered due to the digital revolution, but 64% believe that it has resulted in a reduced understanding of customer needs compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.

Unsurprisingly,18–34-year-olds also believe that the digital transformation in banking has led to a reduction in products tailored to suit customers; with 64% of this group agreeing with this statement compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.

The most valued service for 18-34-year-olds was 24/7 access to a relationship manager for assistance; with 31% highlighting this as most valuable. This was followed by demand for an Issues response manager to help solve any pressing requirements for 23% of the group.

Nick Fahy, CEO of Cynergy Bank commented, “The recent surge in online banking has meant that there are fewer opportunities for bank managers to build those much-needed relationships with customers. Digital banking is here to stay, but the pandemic has accelerated the need for banks to ensure they are providing an optimal mix of best-in-class technology coupled with a personalised experience. The recent research is clear, customers still value human interaction and need to know that there is a person on the other end of the phone, or via video call, should they need support or advice.

“Although a generation used to technology to obtain services, this is especially true for the 18-34 age group. At Cynergy Bank, we understand the importance of human interaction in banking as a means to provide the best product and services for our customers. We are building the human digital bank of the future leveraging our deep customer relationships to create digital products that best serve their needs”.

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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