One in four consumers would be willing to open a bank account with a smart digital assistance such as Alexa and Siri.

In a survey looking into consumers’ attitudes towards new technologies in the banking industry, Genpact found that nearly a third of consumers (31 per cent) would switch if their current bank had a poor digital service.

One in 10 younger consumers said social media channels are their preferred method of communication with banks, and when opening a new bank account, the ability to ask questions over a bank’s webchat was just as favoured as asking questions over the phone.

Yet despite this demand for technology to improve their customer experience, the research also revealed that over half of consumers (57 per cent) think face-to-face contact at a branch makes opening a bank account easier. Customer satisfaction levels in branch and over the phone were also significantly higher than on mobile, webchat or other digital channels.

It’s clear that there is a fine balancing act for banks to get right in order to deliver first-class digital customer experiences, while maintaining the personal touch, the global professional services firm stated.

Michael Menyhart, growth leader for banking and financial services at Genpact, said that when it comes to achieving return on investment from technology, banks are caught between a rock and a digital place.

“Consumers want it all: the speed and convenience of new technology, and the human contact they get at the branch and on the phone,” he commented. “Loyalty is fleeting, and to encourage it, financial institutions must better understand what their customers want and need across all channels – technology alone isn’t the answer.”

Genpact worked with YouGov to conduct an online survey of 6,287 consumers from the United States, United Kingdom and Australia in December 2017. Just over a quarter represented Generation Z and Millennials (18-34 years old), 35 per cent were from Generation X (aged 35-54), and the remaining 40 per cent were baby boomers (aged 55 or more).

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