For 90% of UK consumers technology offering impacts their choice of bank

Thursday 2 April 2020 10:35 CET | News

A Modularbank study has found that for over 90% of UK consumers a strong technology is important to them when choosing who to bank with.

In fact, based on a survey of 2,000 UK consumers, this factor was cited more than any other as being an important factor in making this decision – more so even than interest rates, which 88% of consumers cited as being important in their decision. 

Technology also beat out ‘brand of the bank’ and ‘personal in-branch relationships with banking staff’ when it comes to what is important to consumers in choosing where to bank, with only 68% and 47% of people respectively claiming that these attributes were important to them. 

On a scale of 1-10 (with 1 being unimportant, and 10 being extremely important), 80% of consumers voted six or above when asked how important technology and a digital offering are in banking today. A further 53% claimed that they would be happy if they never had to visit their banking branch in-person again to complete a transaction. 

A customer perceives banking as seamless when they are able to complete financial services without challenges or hurdles – 54% of UK consumers believe seamless banking is when they can complete transactions online without having to go to a branch, whilst 56% state that fast and efficient transactions constitute a seamless experience. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Moudlarbank, study, report, banking, digital transformation, banking technology, fintech
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech