New research has revealed that 86 per cent of consumers would consider leaving their bank or building society if they couldn’t manage their account easily online.

Fiserv commissioned LM Research & Marketing Consultancy to survey 1,000 UK adults in January, finding that 82 per cent expect every digital experience to be equal to or better than what they receive from other technology providers.

Such high expectations may be impacting bank and building society customer satisfaction, as less than a third (28 per cent) of respondents are currently satisfied with the online service provided.

In terms of areas of improvement, 43 per cent said their bank or building society’s authentication and sign-in processes were a point of difficulty for them.

Fiserv suggested that this pinpoints an opportunity to innovate in areas such as biometrics, while leveraging data insights to deliver the seamless, personalised experiences people now expect.

“In an ever-changing financial services landscape, the process of developing and delivering digital experiences in line with customer demands can be a daunting prospect,” said Nick White, EMEA vice president for product and marketing at Fiserv.

“However, neglecting digital channels is a recipe for customer attrition – a well thought out strategy enabled by robust technology is a starting point from which financial relationships can grow.”

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