Amid pandemics, consumer confidence in banks remains stable, Toluna research reveals

The latest research surveyed 1,137 respondents in August 2020. Key findings include:

• Confidence in the financial services sector remains stable despite the UK entering its worst recession on record, with 68% of respondents stating that their confidence in financial services providers, such as banks, insurance companies, credit card businesses and investment firms, has remained the same since pre-COVID-19.
• The pandemic has marked a shift in financial services companies becoming truly digital following demand from 18-34-year olds to manage their finances virtually; but older people may need more support in transitioning to digital.
• More people are choosing virtual methods of banking with 75% using online banking, 44% mobile apps, 13% virtual payment cards and 8% video chats with financial services companies.
• 18-34-year olds are significantly more likely than both the 35-54 and 55+ groups to use digital financial services. For example, 65% of those aged 18-34 are using mobile apps compared to 23% of those aged 55 and over. When it comes to in person banking, 61% of those aged over 55 are still visiting their local branch compared to 46% of 18-34-year olds.
• When asked about their future banking preferences, it’s perhaps no surprise that the youngest age bracket (18-34 year olds) are significantly more likely than both the 35-54 and 55+ groups to prefer non-traditional banking methods (mobile apps, virtual payment cards, cryptocurrency and video chat).
• Those aged 55 and over are significantly more likely to prefer ‘in person at a branch’ with 58% stating that this is their preferred way to bank, compared to 39% of 18-34-year olds.