Banking Apps Rank Higher Than Branches for UK Consumers
New FICO research finds that consumer preferences are switching from branches to apps, requiring a shift in the customer experience
Published in an ebook, free to download from the FICO website, the research highlights the critical balance between digital and human interaction for bank account holders. While apps are now favoured over a local branch by the majority, the expectation of access to bank staff remains high.
Highlights
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75% said a good phone app was the most important or second most important factor in their primary provider of banking services -
The younger demographics care more about the quality of their banking apps - just over half of all respondents from the three youngest demographics said this was most important, compared to only
37% of people aged 55-64, and a mere24% of +65s -
33% of consumers said it is most important for the bank where they hold their primary account to have a branch nearby -
80% claimed that having the ability to talk to real people was important -
51% of respondents 18–24 years old scored human contact 5 out of 5, compared to60% of over 65s -
64% believed customer service was as important as the products or services the bank supplied;22% thought it was more important.
The 2024 FICO Bank Customer Experience Survey provides unique insights into customer behaviours, preferences, and experiences with banks. The majority have two or three bank accounts but one primary account, which was chosen for length of relationship and a positive customer experience.
The advent of improved customer communications and apps has changed consumer expectations. However,
Currently, chatbots are less appealing to consumers than real human interaction, with just
According to the FICO study, the preferred communications method depends upon the subject of the message. Text to their mobile phone was shown to be the preferred method for warnings about potential fraud, ID verification and debt and late payment notifications. Email was preferred for marketing messages, updates to the terms and conditions, information requests and account reminders. Calls to house phones came out as the least popular method of communications in every category.
“Although banking apps have become more important to British customers, it is vital that banks recognise that they can’t rely on them entirely,” commented Mark Whale, a financial services partner at FICO. “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.”
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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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1 Research conducted amongst 1,000 adults across the
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Source: FICO