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.
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