Consumers Use Three Channels To Choose Banking Service

According to recent retail banking research that I spotted today, the more savvy consumers become, the more demanding they grow in terms of customer service.

The study, conducted by telecom giant BT, together with communication company Avaya and research firm Davies Hickman Partners, polled some 2,000 consumers in the UK, Germany, Spain and the US.

Among the key findings of the research is the fact that an average consumer relies on around three different channels to choose a banking service provider. Despite the growing popularity of online banking tools, three quarters of those surveyed claim that local branches are their channel of choice to connect to their bank. Around one in four consumers have already tried mobile banking and nearly one third of them feel safe conducting transactions in this way.

However, social media is not quite as popular, as just 5% think that is a suitable way to manage finances, and 60% are not interested in resolving customer service matters related to banking via Facebook or Twitter.

British consumers proved the least sentimental when it comes to banking brands, with 34% saying they have a strong relationship with their current provider. In comparison, the same metric measures 64% in Germany, 55% in the US and 40% in Spain. Brits are also more likely to switch providers if they are unhappy with the service they receive, scoring 59% on that metric, equal to US consumers and well ahead of their Spanish and German counterparts.