According to a research by NTT DATA UK, the closure of physical bank branches pushed UK consumers towards digital channels. Since lockdown nearly half now expect to be able to do all their banking via an app. Results varied by age, with 35-44 the most likely and respondents aged 55 and over the least likely to demand app-only banking in the future.
Amongst consumers surveyed by NTT DATA, 56% used online banking before lockdown, rising to almost 80% who said they used online banking during lockdown. These figures drop back to 69% who said that they will continue to bank online post-lockdown, which represents a 23% rise in online banking usage by the time lockdown ends.
Looking ahead, customers seem willing to embrace new technologies in different areas of banking too. 1 in 5 people are now more likely to try chatbots to serve their banking needs, while 1 in 4 UK consumers are open to virtual meetings with their bank manager, instead of visiting their local branch.
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