Customers want new technologies and traditional banking services, research shows
A survey from global professional services firm Genpact has shown that customers want access to both new technologies and personal services from traditional banks.
The study surveyed 6,000 people globally, including 2,029 UK-based banking customers, and found that while more than one in four would be comfortable with using technologies, such as digital assistants, to open an account, more than 50% believe that opening an account is easier when done face to face at a bank branch.
Satisfaction was found to be higher for traditional banking, with respondents being more satisfied with service representatives at bank branches and via telephone than with digital channels such as mobile, webchat and text messaging.
The study also showed that digital banks are rising in popularity among younger customers, with 40% of Generation Z and millennial respondents being willing to switch to a digital bank, compared to just 15% of those aged 55 and over.
Traditional banks are still leading the way for trust, with 74% saying that they have more confidence in traditional banks when it comes to fraud protection, compared to just 41% who believe that digital banks are more trustworthy.
Commenting on the study, Genpact’s growth leader, Banking and Financial Services Michael Menyhart said: “Consumers want it all: the speed and convenience of new technology, and the human contact they get at the branch and on the phone. Loyalty is fleeting, and to encourage it, financial institutions must better understand what their customers want and need across all channels. Technology alone isn't the answer.”