BT recently conducted some research among consumers from the UK, Spain, Hong Kong, France and Germany into how they see digital banking services, and the results inspired a few headlines that claimed the vast majority of consumers were ‘resistant’ to digital banking.
The research findings did indeed provide some interesting insights and showed that, despite the explosion in popularity and near-ubiquity of Facebook and Twitter, there was a significant lack of interest amongst consumers when it comes to engaging with their banks over social media channels, writes David Webber.
However, these same respondents did include online peer reviews, webchat facilities, and ‘compare-my-bank’ type services as among the best ways for financial organisations to give them information and help them make informed decisions. The research also found that respondents from every single market rated good online banking facilities and 24/7 access as two of the most influential factors when considering moving banks.
These results make the headlines that appeared on the back of this research rather surprising, because – what are all of these services, if not fundamental aspects of digital banking? It seems that the phrase ‘digital banking’ is often perceived as applying only to social media and mobile – a dangerously restrictive view, given today’s increasingly channel-savvy consumer.
To talk about ‘mobile’, ‘social’,or ‘online’ banking is to make unnecessary distinctions within the umbrella term of ‘digital banking’.