Close to two thirds (64%) of people online who hold a current account with a bank or building society would prefer to conduct their banking on the Web or via a mobile application compared to just 29% who prefer telephone or in-branch banking.
A pity that the statistics did not break down the preference between banking on the Web and mobile banking. Previous surveys have shown that Brits are not taken with mobile banking.
It's not a shocking result! More of another me-too analysis of the natural & continous shift from physical touchpoints to digital.
Even if nothing is done, the shift continues. Just like the Internet penetration where there were heaps of survey of the exponential YOY growth but anyone still speaks about it today!?
I’m looking forward to reading the full report. Something that extensive will no doubt have considered whether people want to use their mobile and tablets exclusively. Or whether they want or need occasionally to use other channels.
Also given it’s YouGov, it no doubt takes into account the needs of all citizens. Though
average UK broadband speeds topped 12Mbps in 2013, much of that improvement was driven by the rollout of fibre optic cable – which doesn’t reach everyone yet, far from it. And many older connections
are too slow to sustain an online banking session. From personal experience slow lines often can’t sustain a Skype call. In
2011, 14% of customers with fixed broadband connections (excluding superfast broadband connections) had speeds of less than 2 Mbps – the minimum that the government thinks is
acceptable for broadband.
There are many reasons customers may prefer branches or phone. Broadband access is expensive if you’re on a low budget.
There’s absolutely no doubt many citizens want to use our smart devices for financial services. But not all the time, and not all of us can – even if we want to. Resolution isn’t just about banks updating their systems, it needs a holistic strategy spanning
all citizens and regions.
As next step, is there anything stopping banks from doing a channel-wise customer profitability analysis and jettisoning low-margin customers who show a predilection to use a certain channel?
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© Finextra Research 2016