A recent study has revealed that British consumers prefer banking apps to physical branches when it comes to accessing services.
The study announced in a press release on 18 March says three quarters of British consumers surveyed said their banking apps were the most important or second most important factor about their primary bank account.
Only a meager 33% of the surveyed population said they see a local branch as most important.
Striking a balance
The study was conducted by global analytics software leader FICO to see how the habits, behaviours and preferences of British consumers are changing when it comes to bank accounts.
While preference for banking apps is high, the result shows that most consumers (81.5%) still receive their banking services from a traditional bank.
This therefore suggests that while apps are more important especially to the younger demographic, they still need a physical bank and people to talk to, rather than being left entirely to apps.
Commenting, Mark Whale, a financial services partner at FICO said:
“Although banking apps have become more important to British customers, it is vital that banks recognise that they can’t rely on them entirely. A strategic balance between apps and human interactions is critical. Used intelligently, AI can prove invaluable in creating better customer interactions as customers move across to apps. Using analytics to determine the best channel for each individual customer will help brands be more strategic in all areas of communication with their customers, and ensure they foster positive customer experiences and lasting relationships.”
FICO further stated that situations such as the recent bank shutdowns in the UK highlight the need for an effective customer service in a physical bank, should the apps fail at any time.
At the time of the shutdown, the banking apps of six of the biggest banks such as Halifax, Lloyds, Nationwide, and FirstDirect failed, leaving thousands of customers stranded on payday
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