British banking customers prefers to carry out in-branch banking transactions and traditional bank branches remain the preferred channel for product purchases, reveals a study by business and financial adviser Grant Thornton UK.
In the study which involved 1,500 Britons, majority (48%) of consumers rated branches as their preferred channel, followed closely by online platforms (40%).
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The survey highlights that despite the increasing use of smartphones and tablets, just 5% of respondents pointed to mobile banking applications as their channel of choice.
Consumers’ faith in banks remains relatively high, with 86% suggesting they trust their banks to rectify problems quickly and fairly and a majority (91%) of consumers reporting satisfaction with their banks.
The study further highlighted customers’ lack of interest in switching between financial services providers. Only 13% of respondents suggested they were considering changing their bank; while the remaining majority (87%) remains satisfied with their current providers.
Grant Thornton’s research suggests that only 2% of survey respondents who had switched providers did so as a direct result of the switching guarantee, following the introduction of the seven day switching guarantee by UK’s Payment Council.
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By GlobalDataGrant Thornton’s financial services group partner Ewen Fleming said, "What the research overwhelmingly shows is that demand for ‘traditional’ banking facilities remains high, despite many predicting the ‘digital revolution’ would completely negate the relevance of bricks and mortar outlets."
"Consumers are still eager to carry out their banking needs in a face-to-face environment – particularly for milestone events such as taking out a mortgage or large loan.
"With many of the established high street banks now closing down their branches, and up-and-coming ‘challenger banks’ entirely avoiding having a physical presence, this could leave a significant gap between expectations and realities for consumers," Fleming added.
