Digital experiences ‘disappointing bank customers’
Written by Anthony Strzalek
Disconnected digital experiences are disappointing customers when it comes to buying financial products, new research has found.
The survey by Black Pepper Software indicates that poor online experiences could be costing financial service providers sales opportunities.
The figures revealed that half of UK consumers now solely research and buy financial products online and a further 36 per cent like to find out information about financial products and services independently via digital channels.
However, it seems financial service providers’ current online offerings are not meeting the needs of connected shoppers, with 47 per cent of respondents complaining of slow webpage loading times and a fifth (19 per cent) saying that finance companies’ online platforms were not sufficiently user-friendly.
A further fifth (18 per cent) of those researching financial products, such as credit cards or loans, complained that information was hard to find online, while 29 per cent said that complex jargon or complicated payment plans also hindered the customer experience.
Nearly two thirds (63 per cent) said that a user-friendly website or app would impact their buying decision and encourage them to buy additional services from a finance company, demonstrating the value shoppers place on being able to easily navigate a site when buying complex financial products.
Indeed, with over a third (37 per cent) of consumers agreeing that having apps helps them keep a closer eye on their finances, a quarter now manage most of their money through banking and financial apps. This, the report suggests, presents a clear opportunity for financial businesses to offer an additional touchpoint for the consumer that adds value in terms of customer experience, whilst also presenting upselling opportunities.
Rowan Welch, Account Director at Black Pepper Software, commented: “The finance industry is no stranger to navigating change, with many financial service providers already recognising the need to digitalise their offer to stay ahead of connected consumers’ expectations.
“With the pace of digital change within the finance sector it’s imperative that financial service providers underpin digital transformation with a long-term strategy that can grow and flex with them as their operational needs adapt to meet consumer demands.”