More than 90% of people aged over 60 have used online
banking for the first time during the Covid-19 pandemic, according to a poll by
iResearch Services, highlighting the importance of banks getting digital right
in 2021.
In comparison, 17% of people aged under 30 said they were
accessing services via an app or web browser for the first time.
The findings show how banks must adapt to help service the
influx of new digital users and gain their trust, accelerated by the
Coronavirus pandemic. With 97% of 18–24-year-olds trusting their bank with
their data, compared to only 33% of people aged over 66.
Commenting on the findings, Gurpreet Purewal, Associate Vice
President, Thought Leadership, at iResearch, said: “Our study demonstrates the
lasting impact of Coronavirus on how people will access banking services from
now on. Banks will be required to refocus on really understanding customer
needs in order to engage with the different requirements of each individual
customer.
“More than half (54%) of respondents said they are less
likely to attend a physical branch after the pandemic. This demonstrates a
seismic shift in the way people will access banking services now and into the
future.”
In other findings, 63% of respondents said their bank acted
in their best interests during the pandemic, but a third said they would
consider switching their bank for better, more personalised communication.
Purewal added: “On the whole, High Street banks have emerged
with great credit from the pandemic for the way they have supported their
customers. As the economy rebuilds, it will be more important than ever that
they communicate in the right way to help consumers through 2021 by leveraging
digital platforms and understanding their needs fully.”
Asked how banks can improve their communication with
customers, ‘connecting on a personal level’ ranked highest, followed by ‘more
honest and open dialogue’, a ‘demonstration of how they are helping customers’,
‘more creative campaigns’, ‘consistent messaging across channels’ and finally
‘responsiveness to major events’.
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