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One In Three Europeans Would Leave Their Bank For Better Digital Services

Michael Moore joined TechWeek Europe in January 2014 as a trainee before graduating to Reporter later that year. He covers a wide range of topics, including but not limited to mobile devices, wearable tech, the Internet of Things, and financial technology.

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Fujitsu survey reveals banks must keep customers happy online or they might jump ship to rivals – or even Facebook, Google or Amazon

A third of consumers would be prepared to leave their bank if they did not offer up to date technology as digital payments and online services become increasingly mainstream.

Fujitsu surveyed more than 7,000 people across Europe and found that a fifth would take banking services from technology players like Google, Facebook and Amazon if they were offered.

Flexible

mobile banking appsOverall, more than three quarters of respondents use online banking at least once a week, highlighting the importance for banks to keep customers satisfied on the web.

But a third of all customers still visit their branch weekly and 36 percent still use the relatively archaic method of telephone banking.

 

“Today’s customers are no longer guarded,” said Francois Fleutiaux, head of sales for EMEIA, at Fujitsu. “When it makes interaction more convenient they are willing to embrace innovation. They may not know where they need it until it is offered, but this is where technology comes to the fore – it is the engine that is driving consumer expectations forward and the financial services sector has to live up to this new pace of change.”

However, it’s not just banking that is enjoying a technological revolution, as nearly a third of people interviewed for the survey said that they were frequently using mobile payments.

Alongside this, 42 percent said that they were using contactless cards, and 10 percent use wearables, showing that payments are no longer limited to traditional cash and cards.

Yet there is still some affection for these methods, as nearly half (44 percent) said that they still use cash on a daily basis.

“The Financial Services sector must continue to build on its digital success and commit to on-going innovation. To be successful – and stand up to increased competition – it must invest in modernizing its own infrastructure and participate in industry-wide collaboration to drive innovation,” Fleutiaux added.

“Working with the industry and suppliers, banks and insurers can ensure new channels, services and technologies see mass adoption. Ultimately, consumers want evolution; the modern-day Financial Services sector must come together to boldly embrace this, or risk being forgotten.”

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