Latest Banking
- FTSE 100 edges up and pound rises in expectation of fresh interest rate rises as oil stays stubbornly high
- Record breaking £101m of fraud prevented by banking and finance industry-funded police unit-UK FInance
- ONS Report: More job vacancies than people unemployed as need for international talent intensifies
- Almost half of UK SMEs have not raised wages in line with inflation-NerdWallet
- Why meme-stock speculators ditching Bitcoin is good for crypto-deVere
- Buy now, pay later-IPlace Global CEO Simon Bath explains why now is the best time to buy a home
- 86% of financial services business leaders lack confidence in data-InterSystems expired
- Axerve white paper explores digital payments trends & the importance of multi-channel and hyper-personalised payments services expired
- Encompass appoints renowned KYC experts to help banks get the most out of digital transformation initiatives expired
- Fixed rates see largest monthly rise in over a decade-Moneyfacts expired
- Santander digitises its core banking with cloud technology to improve service and efficiency expired
- ONS data: Inflation concerns mount for businesses in May in another bleak snapshot expired
27th November 2021
Cynergy Bank says 18-24 year-olds most disappointed with the digital revolution
Trend
Despite growing up with the digital revolution, younger people want online banking to form a range of services rather than replace human interaction completely, according to a new survey.
Prior to the pandemic, internet banking was already an integral part of banking for many, but during the pandemic, customers moved online in considerably larger numbers. In the past year we have seen a significant boost to the digitisation of banking due to COVID-19.
Although there are obvious benefits to online banking, new research1 conducted by Cynergy Bank, found that 18–34-year-olds were the most disappointed with digilisation and 64% of this age group believe that customer relationships with banks have become worse due to less human interaction. This is compared with 58% of 35–54-year-olds and 61% of over 55-year-olds.
Not only did this age group feel that bank and customer relationships have suffered due to the digital revolution, but 64% believe that it has resulted in a reduced understanding of customer needs compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.
Unsurprisingly,18–34-year-olds also believe that the digital transformation in banking has led to a reduction in products tailored to suit customers; with 64% of this group agreeing with this statement compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.
The most valued service for 18-34-year-olds was 24/7 access to a relationship manager for assistance; with 31% highlighting this as most valuable. This was followed by demand for an Issues response manager to help solve any pressing requirements for 23% of the group.
Nick Fahy, ceo of Cynergy Bank comments “The recent surge in online banking has meant that there are fewer opportunities for bank managers to build those much-needed relationships with customers. Digital banking is here to stay, but the pandemic has accelerated the need for banks to ensure they are providing an optimal mix of best-in-class technology coupled with a personalised experience. The recent research is clear, customers still value human interaction and need to know that there is a person on the other end of the phone, or via video call, should they need support or advice.
Although a generation used to technology to obtain services, this is especially true for the 18-34 age group. At Cynergy Bank, we understand the importance of human interaction in banking as a means to provide the best product and services for our customers. We are building the human digital bank of the future leveraging our deep customer relationships to create digital products that best serve their needs.”
Cynergy Capital Trends(2 articles)
