Third of Banking Customers Would Switch Banks For Peer Reviews

Third of Banking Customers Would Switch Banks For Peer Reviews [VOC]

Third of Banking Customers Would Switch Banks For Peer Reviews

According to YouGov poll conducted by BT, a third of banking customers would switch banks for peer reviews. Research showed that a majority of 6,500 people from six countries would value a portable account number.

Third of Banking Customers Would Switch Banks For Peer ReviewsThese countries include Spain (76%), Hong Kong (70%), France (64%), Germany (61%), and UK (62%). The factors that were less appealing in switching banks were social media and mobile banking, and high results were on web chat and online banking.

Good online banking facilities encouraged 39% of respondents. 29% liked their ability to access banking services 24/7 and 45% liked the presence of a local branch. 32% of customers would want to have peer review sections, 23% preferred web chat facilities, and 29% loved to be able to compare their bank services in order to make informed decisions.

Customers were also more cautious about the use of virtual wallets, Bitcoin, and Facebook Credits. Less than 10% of respondents had tried these alternative payments in the next 18 months – 43% from Hong Kong and 36% from Spain. Respondents from Germany and US were the least likely with 12% and 9% chances respectively.

On mobile banking, only 5% of Germans and 10% of British customers agreed that it is one of the three most trusted technologies. The most trustworthy for them were ATMs, in-branch self-service, and online banking.

The survey also showed mixed feelings about IT infrastructure sharing and access to customer’s personal information. 38% felt that sharing IT infrastructure was a bad idea, while 28% were undecided. Of the countries surveyed, only Spain with 54% and Hong Kong with 75% thought that IT infrastructure was a good idea.

A study conducted by Simon-Kucher & Partners showed that 86% of customers could be swayed to switch banks with one-off gift of up to £100 and a better interest rate on savings and current account.

Key Stats

  • 6,500 people from six countries agreed that a portable account number is useful 76% Spain, 70% Hong Kong, 64% France, 61% Germany, and 62% UK.
  • Good online banking motivated 39% of respondents with 29% for 24/7 access of banking services and 45% for local branch presence.
  • 32% of respondents preferred peer review sections, 23% web chat facilities, and 29% bank services comparison to help them make an informed decision.
  • Less than 10% of respondents had tried alternative payments in the next 18 months – 43% of which is from Hong Kong and 36% is from Spain. The least number is from Germany with 12% and the US with 9%.  
  • 5% of German customers and 10% British agreed that mobile banking is a trusted technology.
  • 38% of respondents felt that IT infrastructure sharing is a bad idea, while 28% are undecided. Only Spain with 54% and Hong Kong 75% thought it is a good idea.
  • 86% of customers could be swayed to switch banks with one-off gift and better interest rates.

Tom Regent, President of Global Banking and Financial Markets and BT Global Services: “Banks are increasingly focused on providing services via smart phones and tablet devices to keep pace with digital changes and innovation. While this is an important strategy, banks must be careful not to lose sight of the need for human contact in either the branch or via a local call centre agent.”

Covered by my Visible Banking Team
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Like a third of banking customers, would you switch banks for peer reviews? How much better would your banking customer experience be if your bank provided online video chat or social media banking?

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