86% of UK bank customers said they would consider switching account providers if they struggled to manage their accounts easily through digital channels:
Business Insider Intelligence
Eighty-two percent of consumers expect their financial service digital experiences to match or exceed that of tech giants. This demand for ease of use is almost identically high across every age group surveyed, with 78% of customers aged 55 or over — the lowest response — saying the same. Moreover, only 27% of respondents say they prefer to access financial services through branch visits, while 79% state they expect online methods to become more central in how they manage their financial health.
Despite this desire for superior digital experiences, only 28% of respondents say they're satisfied with the services provided by financial institutions . Almost half say that they're unsatisfied with the online services of their current provider. With more fintech providers cropping up and making it easy for consumers to vote with their feet, banks would be wise to double down on their digital efforts if they want to avoid customer attrition.
, which secured a $50 million funding round last week, for instance, have developed solutions that can enable FIs to onboard customers seamlessly while meeting compliance needs. Partnering with players like Onfido can enable banks to overcome these sources of friction.Despite their digital transformation efforts, legacy providers still have work to do when it comes to providing seamless digital delivery.
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