Around 64% of people holding a current account with a bank in Britain prefer banking through online or mobile devices, as against 29% who favour telephone or in-branch banking, according to a survey commissioned by Genpact and conducted by YouGov.

The survey, which included 2,337 adults, also showed that 29% had not used their bank’s call centre service, 34% of respondents aged 55 years and above prefer to visit banks than 11% of respondents aged 25-34years.

Also, 31% of respondents believe that regulation of the banking industry is comparatively better now than it was before the 2008 financial crisis.

Genpact Europe banking, financial services and insurance vice president, Hugh Morris, said this survey is a clear signal that the industry must change its approach and begin to direct resources away from call centres and branches and towards better, more effective facilities for customers to do their own banking.

"It shows unequivocally that consumers are moving away from the ‘branch and telephone banking’ model and demanding a more ‘virtual banking’ services model.

"The legacy, intermediated operating models dating back to the 20th century that are still in use today need to be overhauled in order to cater to the banking preferences of the next generation who want direct access to do their own banking," Morris added.

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