Online Bank Customers Are Impatient
What do you do when a web page takes too long to download? Do you wait for it to finish, or do you exit out of it entirely?
According to a new study from Maxymiser, the majority of online banking customers are impatient and choose the second option.
The report shows that 61% of people use the Internet to complete their banking transactions, compared to 14% who actually go to the bank. A staggering 68% of the respondents would not wait more than six seconds for a web page to load.
“What’s been proven over and over again is that there’s a two-second threshold of acceptability before consumers will get frustrated and click away from a site or page,” said Jared Polidoro, Vice President of U.S. client services at Maxymiser.
This should be a red flag for banks that have yet to focus on their online banking services. Some banks provide minimal account assistance on the Internet because they feel they “have to.” But some institutions go the extra mile, realizing how many people now use the web to conduct their banking business.
42% of those surveyed said they will exit a page altogether if they have a bad experience on it. 31% said they would change banks or go to a competitor because of a negative experience on a bank’s website.
Modern day bank customers are apparently impatient and demanding. That’s not going to change. It is up to the financial institutions to appease these speed-seeking customers if they want to continue growing their business.