Latest from GFT Bank Disruption Index indicates that bank customers are increasingly worried about checking their financial status.
London, January 9, 2023 /PRNewswire/ — Three out of four Britons feel uneasy when checking mobile banking apps, and more than half worry more if their banks run into financial trouble, according to a new survey released today. I hope that you will contact me positively.
Richard CallasClient Solutions Director for Retail Banking at GFT UK said:
“Our data shows that consumers want more tools to protect their money this winter, as people face a difficult financial start to 2023. and banking apps need to incorporate more budget management features to help in every way possible.Banks that offer the best digital ways to actively support their customers with their money. will benefit from increased loyalty.”
The data comes from digital transformation specialist GFT’s latest Banking Disruption Index.¹is a quarterly assessment of consumer attitudes towards digital capabilities in banks, which found: This anxiety is only exacerbated by younger generations. 86% Two young people, aged 16-25 and 25-35, admit to feeling insecure when checking their assets on banking apps. 87% 35-44 years old
Despite the stress it causes, consumers are still doing all they can to manage their money. Over a third (37%) check banking apps daily,moreover 27% Check every 2-6 days.
But research shows that consumers want their banks to do more to manage their money.57%) of Consumers want their banks to proactively contact them If their spending habits pointed to financial hardship.
Customers expect more from banks
Customers also believe their bank should offer more budgeting tools in their apps and mobile banking to help them stay on top of their finances. The most popular tools requested by customers were the following options: Flag future invoices and whether they have enough money to cover them (26%), Daily/Weekly Insights where their money was spent (twenty two%) When Immediate notification after spending (twenty one%).
In fact, people are willing to use their bank’s digital tools to manage their money. According to research, Nearly half (43%) of consumers communicate with their bank digitally instead of visiting a branch Or, if you’re in need of money, talk to a customer service representative on the phone.
This demand for more tools and better features indicates a clear desire for consumers to independently manage their money through online and mobile banking apps.It also highlights that There is ample opportunity for banks to use tools to provide empathetic and insightful assistance to their customerssupport and financial education for those struggling.
The GFT Banking Disruption Index is published quarterly. To learn more about how GFT can help your digital banking needs, visit our Banking Disruption Index.
methodology
1 Census commissioned by GFT UK to survey 2,000 UK respondents November 2022 About their opinion on the digital capabilities of UK banks.
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