UK consumers demand better bank tech post-pandemic

Since the Coronavirus lockdown came into place in March, nearly half (47 per cent) of UK consumers now expect to be able to do all their banking via an app.

This is according to a survey of 2,000 UK consumers by IT services firm NTT DATA UK, which found that results varied by age, with 35 to 44 year-olds being the most likely, while respondents aged 55 and over were the least likely to demand app-only banking in the future.

Recent Which? research highlighted that of those concerned with banking digitally, 35 per cent were most likely to be in the 65 and over, and vulnerable adult category.

Among the consumers surveyed by NTT DATA, 56 per cent used online banking before lockdown, rising to 79 per cent who said they used online banking during lockdown. This figures drops back to 69 per cent who said that they will continue to bank online post-lockdown - a 23 per cent rise in online banking usage by the time lockdown ends.

One in five people are now more likely to try chatbots to serve their banking needs, while one in four UK consumers are open to virtual meetings with their bank manager, instead of visiting their local branch.

Josep Alvarez, head of the UK banking practice, everis UK - an NTT DATA company - said: “Banks need to be brave in making the case to customers about the benefits of new technology, as consumers are demanding a more agile, convenient form of banking.

"From chatbots supporting customer service functions, through to open banking initiatives connecting with new functionalities provided by third-party FinTechs, this sector looks to be heading towards an innovative and tech-driven future.”

The lockdown has been a difficult period for many banks, but only one in five respondents said they had felt frustrated and unable to do what they wanted when banking online during the lockdown - while only 22 per cent of respondents said they had experienced frustration when it took longer to carry out banking services.

This tolerance may not continue as the world returns to normality though, as 40 per cent of UK consumers now want their bank to invest in a better online experience, with the strongest support in ages 25 to 34 and 35 to 44.

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