Spend more on personal care and less on technology, wealthy customers tell banks
12 November 2012 | 5431 views | 3
The UK wealthy are resisting engaging with their banks via new technologies in a bid to return to old school banking values, according to a YouGov survey of 1000 high net worth individuals.
Although respondents conceded technology has changed the way they bank, 76% of the high net worth individuals (HNWIs) who were quizzed said it's not a focus on technology they want, but a one to one personal service.
The research cites mistrust and a lack of confidence in the banking system as the key reason for wanting to return to old fashioned banking.
As banks press on with investment in online and mobile channels and seek to downsize their branch networks, only 12% of HNW respondents to a separate study of 350 wealthy consumers by Duncan Lawrie Private Bank, said that the introduction of new technologies and innovations would make them switch banking provider.
"It seems that the key for banks to trying to re-establish their customers' faith and loyalty is to sit down and talk," says YouGuv in its summary of the results.
The results will come as no surprise to private bankers, who were castigated earlier this year for their failure to engage with their clients through social media channels. A study by investment portal Assentium accused private banks of having "amateurish" social media strategies, often failing to establish anything more than a token presence on Facebook, Twitter and YouTube,
Matthew Parden, managing director for Duncan Lawrie Private Bank says that it would appear that all customers really want is personal care and high service standards.
"Given that banks are throwing all their innovation spend on mobile technologies, it's surprising there is such a strong customer requirement to connect via more traditional means," he says of the YouGov research. "It is a difficult time for the banking industry, but this survey highlights how important it is for banks not to lose sight of their customers' real needs."