Human interaction is out, and digital banking is in; finds new opinion data from Glassbox.
New data from Glassbox finds that customers prefer seamless digital banking experiences over human interaction.
In an effort to better understand customer preferences in an increasingly digital and hybrid banking landscape, Glassbox polled over 2,000 individuals in the United States and the United Kingdom between July and August 2021. The survey exposed consumers’ expectations for online banking, security, must-have features, and incentives for loyalty.
In an ever-changing digital space, the survey unveiled some interesting differences between how Americans and U.K. residents prefer to bank. 54% of U.K.-based consumers are twice as likely to choose mobile apps over desktop computers when conducting digital banking transactions, in contrast to 26% of U.S.-based respondents.
Moreover, U.K. residents place a higher value on human interaction in online banking than their American counterparts. 51% of U.K. participants stated access to human interactions, such as live online chats and phone support, are important to them, whereas only 43% of American respondents placed value on human interaction. Likewise, 30% of Americans stated secure banking platforms are more likely to drive their loyalty, 7% more than U.K. respondents.
“Our findings highlight how with ample banking options on the market, a lack of an exceptional digital experience can affect financial institutions’ bottom line,” said Yaron Morgenstern, CEO, Glassbox. “More importantly, the results expound on how largely relevant it is for banks to adapt and transform their digital presence to keep up with consumers’ ever-changing digital needs. By tailoring digital tools and keeping an eye on region-specific needs, banks will be able to provide more powerful and impactful digital experiences to drive customer retention for generations to come.”
The survey also highlighted the general inclusivity of digital banking, with 79% of respondents stating that they prefer managing their finances through digital means, whilst 51% reported utilising digital banking once a week or more.
The importance of ample cybersecurity measures remained a top priority for consumers on both sides of the pond, with 40% of respondents reporting that security is the most important element of online banking.
The survey also found close ties between accessibility and customer loyalty, with 35% stating how easy online banking was the reason they remained committed to their bank; making it the third-highest response behind ‘length of relationship’ and ‘secure banking platform’.
In light of this, it comes as little surprise that technical issues drive customers away from their banks. 32% of respondents reported that if they encountered persistent technical issues when banking online, they are more likely to change banks.
The survey also exposed the relationship between mobile banking apps and their desktop counterparts, with 26% of consumers banking as frequently on mobile as they are on desktops. This considered, 48% of Millennials and Gen Z still rely on desktops for a seamless digital banking experience. More tech-savvy generations have yet to be convinced of the benefits associated with mobile banking.