Online banking most important to consumers when choosing a new bank

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According to new research from TSB, quick and easy online and internet banking is the most important factor for a customer when choosing a new bank.

The majority of people (68 per cent) have said that quick, simple and easy online and internet banking is most important when they choose a new financial institution.

However, there is still a strong call for face-to-face interaction with 64 per cent of the 2000 respondents saying being able to speak to someone in a branch is the second most important factor taken into account.

These findings seem to vindicate TSB’s ‘Bricks and Clicks’ strategy it implemented back in May. The strategy was designed to provide the bank’s customers with the best of both the digital and the physical services and the bank apportioned £250m for it.

We’re not in the camp that wants to push people from one channel to another; it’s our customers’ choice as to how, when and where they bank with us,’’ said Ashley Machin, TSB’s chief digital officer back in May.

Whilst digital and physical interactions remain the preferred choices of the majority, the median option of banking by telephone is lagging behind with only four out of ten (41 per cent) people considering it to be an important factor to take into account.

In terms of online banking, the desktop is still king with 59 per cent of 1.2m customers choosing to bank using a desktop.

Unlike in the US, where 54 per cent of people use mobile banking at work alone, people in the UK appear to be more circumspect about using it with only 31 per cent using TSB’s banking app. Furthermore, only one out of ten people banks on a mobile browser.

On average people will log in to online banking five times per week. There is also indication that it’s fast becoming something that is done during relaxation with nearly half of people (45 per cent) logging in when sitting in front of the TV.

Two out of ten (18 per cent) people log in at work, 17 per cent in bed and 11 per cent when commuting.

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