Over 50 per cent of customers in the UK find their bank’s digital experience lacking, according to research from digital transformation agency Equator.

Young people were the most dissatisfied with the experiences on offer according to the research, with 78 per cent of Generation Y and 83 per cent of Generation Z finding their bank’s digital experience lacklustre.

Older generations held similar views, with 69 per cent of Generation X and 57 per cent of baby boomers experiencing some form of frustration.

The report also claimed banks are lagging in customer experience (CX), with architectures that prioritise systems-oriented design and platforms built around the limitations and procedures of the bank rather than the needs of the customer.

However, the report did find that 70 per cent of large banks surveyed said they are implementing AI in some form – one area Equator highlighted could improve banking CX.

In March, research from consultancy Capgemini found 81 per cent of consumers said that more flexible and easy-to-access banking would motivate them to switch to a challenger from traditional banking providers.

“Digital transformation cannot be led by an IT team alone – it is a cultural shift in an organisation, a new way of thinking and doing and it must start from the very top of the business. As our survey showed frustration with digital experiences in banking is widespread.” said Garry Hamilton, group chief growth officer at Equator. “Change therefore must be led with key objectives based on the customers’ benefits, not software features.”

“Delivering a strong customer experience is a critical requirement for banks and building societies. There are many opportunities for them to make their own super apps, invest in better CX and offer greater personalisation and faster, more efficient processing.”

He added: “Although such changes may seem daunting, one thing is certain – doing nothing is not an option.”

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