Digital banking has been slower to ignite in the U.K. than originally predicted, according to a survey from Accenture. Despite the fact that British banks have been shuttering branches in response to the reported growing popularity of digital channels, as it turns out, British consumers still like going to the branch.
More than half of Brits go to a branch at least once a month and only a quarter would move to only digital channels if possible. Young consumers often cited as the most digitally ready, were the least interested in branchless baking—fewer than a quarter of 18 to 24 year olds would bank without a physical location, whereas a third of 25-34 year olds were open to the idea.
And while 80 percent of consumers bank online at least occasionally, less than 30 percent use mobile banking—thought the 27 percent in 2014 is an improvement over the 21 percent of 2012.
Most surprising, is that as branches are closing, more people are going to branches – visits are up from 45 percent in 2012 to 52 percent. The trend has been even more pronounced among 18 to 24 year olds, up from 39 percent to 54 percent.
“The youngest, most tech-savvy-customers still value face-to-face contact as they begin their life’s financial journey, whereas older customers who are further along in their work life are more open to a digital-only relationship,” notes Peter Kirk from Accenture’s financial services group, reports Finextra.
Meanwhile, the survey also shows that banks are winning back the confidence of their customers, with 52 percent rating their provider trustworthy, up from 43 percent in 2012. There is little appetite among customers for switching because bank offers are seen as very similar.
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