Consumers Prefer Online and Mobile Banking over Branch Banking
According to a new survey, consumers in the United States and the UK prefer mobile and online banking over branch and telephone banking. BioCatch surveyed 600 consumers from the top five banks in both countries and found that 36% preferred the web, and 29% preferred mobile channels.
In America, women use online banking more than men. 37% of women log into their web-based bank accounts every day versus 30% of men. In the UK, 30% of both men and women log in daily.
Consumers who do not bank online avoid it due to security concerns. 61% said a fear of being hacked was their primary reason for not banking online, and 26% said logging into their online accounts was “too much of a hassle.” 46% complained about limited functionality in online banking, and 36% said the login process was too inconvenient.
Two-thirds (66%) of both men and women who are mobile banking users preferred Android smartphones. Android phones did not fare as well in the UK, where only 53% of men and 42% of women preferred an Android for mobile banking.
What does this mean for big banks? They must continue to enhance their mobile and online banking channels in order to continue their growth and encourage hesitant users to make the switch. Internet and smartphone technology is rapidly changing the way people manage their finances, and banks have to find a way to keep up with this transition.