With more than half of Britons surveyed online citing digital financial services as vital to bank loyalty in the face of account switching reform
Intelligent Environments today unveils Interact™, an integrated platform for digital financial services. Interact™ enables organisations to deliver customer-led financial products and services across all digital channels, platforms and devices, providing a consistent, seamless and intuitive user experience for any money transaction.
Intelligent Environments has already signed contracts to deliver the new software platform to two European banks.
Digital financial services¹ are increasingly critical to customers, as shown by new research unveiled today. An online poll commissioned by YouGov on behalf of Intelligent Environments found that, of Britons with a bank or building society current account:
- Less than half (45%) use their local bank branch once a month or more
- This is compared to 81 per cent who use online banking and 20 per cent who use mobile banking at least once a month
The figures show the huge growth in digital banking services – in 2000, banking industry body APACS reported just 3.5 million Britons used online banking whilst mobile banking use was not monitored, compared to Payments Council research in 2011 that said one in four UK adults now access their bank account online every day.
The news comes in the lead up to new legislation recommended by the Vickers report, which outlines that the switching of customer bank accounts and redirecting of direct debits will reduce from 31 days to just seven from September 2013. As it becomes increasingly easy to switch accounts, banks will need to capitalise on the provision of digital services to retain their existing customers, especially as an effective digital banking service (mobile and online) makes over half (51%) of Britons online loyal to their main bank or building society.
However, nearly one third (29%) of current account holders online have experienced frustrations with these digital banking services in the last year. Of those that have experienced such frustrations, 38% cited the devices needed (such as mini PIN generators or card readers) to access accounts being too inconvenient to use, 13% a lack of consistency between digital and offline services, 44% too many passwords to remember, and 11% services not tailored to customer needs.