Consumers will ditch bank if online experience falls short

Not surprising traditional banks have embraced fintech as it almost a matter of life and death now.

According to a survey of 1000 UK consumers, commissioned by banking software maker Fiserv, most UK citizens are prepared to change banks and building societies if they are not able to easily manage their accounts online. In fact 86% expressed this attitude.

Most the consumers interviewed, 82%, expect digital services to be at least on a par with those provided by technology providers. This is setting the bar high with with technology providers like Google seasoned in providing high volume, high speed and user friendly online and mobile services.

It seems a tad high to me. Obviously if it was customers of TSB following its IT meltdown I would not be surprised, but although I love a good online service I wouldn’t eave a bank because it isn’t as easy to use as Google.

But worryingly for financial services firms is the fact that only 28% of consumer are satisfied with the current online services they get.

The survey revealed some problem areas. For example 43% said their bank or building society’s authentication and sign-in processes were a point of difficulty for them.

Nick White, vice president of product and marketing, EMEA at Fiserv said developing and delivering digital experiences in line with customer demands can be a daunting prospect. “However, neglecting digital channels is a recipe for customer attrition. A well thought out strategy enabled by robust technology is a starting point from which financial relationships can grow.”

Over half of respondents to the survey (54%) said they would be more likely to use added services from their current financial services provider if they could sign up and manage them easily online.