Survey Finds Digital Banking Replaces Human Interaction, Becomes Customer Top Priority

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Customers prefer seamless digital banking experiences to human interaction, according to a survey by Israeli software company Glassbox. In an effort to better understand customer preferences in an increasingly digital and hybrid banking landscape, Glassbox surveyed more than 2,000 people in the US and UK between July and August 2021. The survey found up-to-date consumer expectations for online banking, security, must-have features, loyalty incentives, and more.

The survey found that people of all ages prefer digital banking services over in-person services – with 79% of total respondents preferring to manage their finances digitally at some level, while 51% use digital banking options once a day. week or more. In addition, mobile app-based banking is overtaking digital desktop banking, with some 26% of consumers banking as frequently on mobile as they are on desktop. Considering that, 48% of Millennials and Gen Zs still rely on desktops.

Many respondents prefer digital banking solutions to human interaction, according to a Glassbox survey. Photo: Shutterstock

The survey also revealed interesting differences between the preferences of US and UK residents when it comes to banking. Some 54% of UK consumers are twice as likely to choose mobile apps than desktops when doing digital banking transactions, compared to 26% of US respondents. Additionally, UK residents placed a higher value on human interaction in online banking than their US counterparts.

The survey found that 51% of UK respondents rated access to human interactions – such as live online chats and phone support – as important, while only 43% of US respondents valued human interaction. Meanwhile, 30% of Americans polled said secure banking platforms were more likely to boost loyalty, which was 7% more than their UK counterparts.

“Our results show how, with many banking options in the market, the lack of a great digital experience can affect the bottom line for financial institutions,” said Yaron Morgenstern, CEO of Glassbox. “Most importantly, the results show just how important it is for banks to adapt and transform their digital presence to keep up with the ever-changing digital needs of consumers.


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