Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Majority of UK consumers seeking more control and flexibility from their bank

Untitled design 2020 11 20T132036.614 - Global Banking | Finance

A new survey of more than 2,000 UK adults reveals that consumers are demanding more flexible, responsive banking products:

  • 58% of banking customers believe they should have more power to renegotiate or change their financial accounts and products
  • 33% – and 43% of millennials – are frustrated by having to choose from generic off-the-shelf financial products
  • 19% are currently stuck with financial accounts or products that are no longer suitable for their personal circumstances

The majority of UK consumers want greater control and flexibility over their financial products, new research from Yobota has revealed.

The London-based technology company commissioned an independent survey among 2,003 UK adults. It found that 58% of banking customers believe they should have more power to renegotiate or change their financial accounts and products.

A third (33%) of consumers are frustrated by having to choose between generic off-the-shelf financial products. This figure rises to 43% among those aged between 18 and 34.

Almost a fifth (19%) are currently stuck with financial accounts or products that are no longer suitable for their personal circumstances. One in four (26%) people with a personal loan say the product is no longer a good a fit for them compared to when they acquired it – 18% of mortgage customers and 14% of people with life insurance share this view.

Half (49%) of UK adults would like their bank to offer more flexible products that evolve according to customers’ changing needs, with 52% saying COVID-19 has exposed the need for more responsive banking products for when people’s financial situations suddenly shift.

Yobota’s research also showed that 30% of people feel banks make it too difficult – or impossible – to get out of financial products. Slightly more (34%) also criticised how complicated and time-consuming it still is to open a new account or secure a financial product.

However, 62% of consumers did note that technology has made it easier over the past five years to change between different banks, accounts and products. The majority (57%) of Britons now prefer to manage their financial affairs via digital banking rather in-person or over the phone.

Ammar Akhtar, CEO of Yobota, said: “Consumers, particularly Gen-Z and latter-day millennials, are increasingly demanding more agile, responsive and personalised banking services. The research illustrates that people are increasingly unlikely to tolerate being left with generic financial products in the long-term, and banks must take note of this.

“It is a trend that has been accelerated by COVID-19 and the financial disruption it has caused. Now more than ever, banks must embrace tech to deliver more sophisticated, adaptable products. Thankfully, many already are – but those who don’t respond quickly will risk losing customers to those who have.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post