Banks are losing customers due to low technology

[Carding Forum]

More and more people in Europe are making banking transactions from a computer or mobile phone. Therefore, the number of those who are ready to abandon banks that do not offer modern technologies to customers is growing rapidly. Convenience is the most important criterion for choosing a financial service provider, according to a recent Fujitsu survey of 7,000 European bank customers. This means that more and more consumers are moving away from traditional banking channels and payment methods in favor of more understandable and convenient digital alternatives.

According to the study, Internet banking is the most popular channel across Europe - three out of four use it at least once a week. Almost two-thirds of the respondents prefer self-service terminals, and more than half use the bank's mobile application. About 40% communicate with their bank on social media on a weekly basis, although this figure varies greatly by region. For example, this communication channel is popular in Eastern Europe, but not popular in the UK.

For comparison, only 35% of respondents regularly visit bank branches, and 36% call the bank.

As consumers themselves predict, this trend will continue. In the next five years, they plan to reduce to a minimum the use of the telephone and visits to branches to communicate with the bank. At the same time, they assure that they will use more online and mobile channels, as well as social networks.

Thus, 37% of respondents indicated that they are ready to refuse the services of their bank or insurance company if they do not offer modern technologies to their clients. Moreover, these customers do not plan to switch to service at another bank, but rather tend to use financial services from non-bank companies such as Google, Facebook or Amazon.

If we talk about payments, then about a third of Europeans use mobile phones to make payment transactions, and a fifth already use wearable electronics and cryptocurrencies to pay for purchases. More than 75% use online payment systems such as PayPal and 42% use contactless cards. At the same time, however, cash remains a fairly popular payment method - 44% of respondents use cash on a daily basis.

The development of innovation also leads to changes in consumer behavior and habits. Whereas earlier the issue of confidentiality was more sensitive, now 97% of Europeans surveyed approve of the use of their personal information by banks and insurance companies, if this will expand the range of services offered. Three out of five agree to provide all personal information to reduce mortgage payments, about half - for information about relevant products and services.

Based on materials from TechWeek Europe