Consumers’ digital expectations are ever rising with a growing number of people open to using non-banks.
For example in 2017, 40% percent of people said they would be comfortable using a technology company to pay bills. That figure has since risen to 55%.
Compared to the previous year, there were gains in comfort with using a hypothetical technology company for other activities. Examples include taking out a loan (39%), up 10%, tracking a budget (54%) up 13% and transferring money to others (52%) up 14%.
Quarterly digital expectations & experiences survey
The figures are released by Fiserv. Its quarterly Expectations & Experiences survey, conducted by Harris Poll is one of the longest running polls of its kind and builds on years of longitudinal consumer survey data.
More than half (56%) of consumers prefer to interact with their financial organisations via digital, compared to 34% who prefer branch interactions in the sample.
But branch access remains relevant. 52% of consumers report that they visited a brick-and-mortar location within the past month and 80% in the past six months. Deposits and withdrawals are cited as the main reason for branch visits.
At the branch, nearly half of people (49%) would feel secure using biometrics for authentication. Yet, the appeal of fully automated branches offering the same services as traditional branches is modest.
Only 32% of consumers say they will stay with their primary financial institution if it goes teller-free. This compares to 24% of consumers who would not be likely to stay.
Digital expectations & experiences: 11 m-banking log-ins per month
The vast majority of consumers (90%) have accessed online banking. Active users (those who have used the service in the past month) report logging on to their financial institution’s site an average of nine times per month.
Slightly fewer consumers (70%) have accessed mobile banking. Those who do log on to m-banking are doing so more frequently – an average of 11 times per month.
“The world is being shaped by digital connections and convenience. This provides an opportunity for financial institutions to incorporate relevant new technologies and enable customers to manage their financial lives with ease any way they choose to engage,” said Dan Bjerke, senior vice president, Digital Banking, Fiserv. “From the moment they pick up their phone or walk into a branch, consumers expect intuitive, seamless banking experiences. And they require a high level of confidence in security across every channel.”