Convenience of digital banking undermined by trust issues
A new study shows 62 percent of UK adults would prefer to do their banking online than in a physical branch. However, only 23 percent currently trust the information they receive online from banks, with in-person banking remaining the most trusted source of information for 58 percent of UK adults. Commissioned by Lithium Technologies, the study of 2,000 UK adults uncovers a significant opportunity for financial institutions who can crack the code and build trust with consumers on digital channels. [Click to Tweet]
“This is a huge opportunity for the UK financial services sector,” said Rob Tarkoff, president and CEO of Lithium Technologies. “Consumers have a strong and clear preference towards digital banking, but the current experience does not meet expectations.”
“What we hear from customers is that the way to build trust with consumers on digital is to serve them in the channel of their choice, get them the right answers when and where they want, and help them connect with other customers,” continued Tarkoff. “Banks that can rise to this challenge and provide fantastic experiences for their customers on digital channels stand to win.”
When asked which they found to be the most convenient way to do their banking:
- 59 percent chose digital
- 23 percent opted for in-person
- Only 9 percent prefer telephone
But with regards to trust:
- In-person banking is regarded as being the most trustworthy for 58 percent of UK adults
- Digital banking is the most trusted for 23 percent
- Telephone banking is the most trusted for only 10 percent
For more information, download the accompanying whitepaper here.
Link to an infographic highlighting the study’s findings here.