One in four consumers would be willing to open a bank account with a smart digital assistance such as Alexa and Siri.
In a survey looking into consumers’ attitudes towards new technologies in the banking industry (carried out by YouGov), global professional services firm Genpact found that consumers are starting to embrace and demand more digital experiences with their banks, revealing that:
• Nearly a third of consumers (31%) would switch banks if their current bank had a poor digital service
• One in 10 younger consumers say social media channels are their preferred method of communication with their banks
• When opening a new bank account, the ability to ask questions over a bank’s webchat was just as favoured as asking questions over the phone
Yet despite this demand for technology to improve their customer experience, the research also reveals that:
• Over half of consumers (57%) think face-to-face contact at a branch makes opening a bank account easier
• Customer satisfaction levels with service representatives in branch and over the phone are significantly higher than on mobile, webchat or other digital channels
It’s clear that there is a fine balancing act for banks to get right in order to deliver first-class digital customer experiences, while maintaining the personal touch.
Commenting on the findings, Michael Menyhart, growth leader, Banking and Financial Services at Genpact said: “When it comes to achieving ROI from technology investments, banks are caught between a rock and a digital place. 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.”
About the survey
Genpact worked with research firm YouGov to conduct an online survey of 6,287 consumers from the United States, United Kingdom, and Australia in December 2017 to gain insight into views of retail banking, with an emphasis on the digital channels and non-traditional banking trends. Just over one-quarter represent Generation Z and millennials (18-34 years old), 35 percent from Generation X (aged 35-54), and the remaining 40 percent are baby boomers (aged 55 or more).