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UK consumers find digital banking more convenient, less trustworthy than branch banking

May 9, 2017

A new study shows that 62 percent of U.K. adults would rather manage their banking online than in a physical branch. However, only 23 percent currently trust the information they receive online from banks; a much larger number (58 percent) place greater trust in information received in-branch, according to a press release.

The study of 2,000 adults was commissioned by Lithium Technologies, a provider of digital customer service solutions, and reveals what the company calls "a significant opportunity" for financial institutions to build trust with consumers on digital channels.

According to Lithium Technologies President and CEO Rob Tarkoff:

This is a huge opportunity for the U.K. financial services sector. Consumers have a strong and clear preference towards digital banking, but the current experience does not meet expectations.

What we hear from customers is that the way to build trust with consumers on digital is to serve them in the channel of their choice, get them the right answers when and where they want, and help them connect with other customers. Banks that can rise to this challenge and provide fantastic experiences for their customers on digital channels stand to win.

Asked which they found to be the most convenient way to do their banking:

• 59 percent of survey respondents chose digital;
• 23 percent chose in-person; and
• only 9 percent chose the telephone.

Asked which they found to be the most trustworthy method:

• 58 percent of survey respondents chose in-person;
• 23 chose digital banking; and
• only 10 percent chose the telephone.

Download the accompanyingwhite paper.