Seven out of ten US consumers across all generations said banks with newest technological features are more trustworthy than banks that lag behind, according to research from The Balancing Act: U.S. Bank 2015 Outlook on People and Technology.
Millennials comforted by new tech
Whilst 70 per cent of consumers of all ages prefer banks with more sophisticated technology, the number is higher amongst the millennial age group with 85 per cent saying they don’t trust banks who lag behind as much.
People still play their part
However, the human factor should not be underestimated as nearly four out of five Americans said when it matters most, they value people more.
“American consumers want more from their banks than apps – they want advocates. Everything we do at U.S. Bank is guided by a relationship-first philosophy. Our role in that relationship is to discover what’s possible for our customers, combine it with what they are aspiring to and guide them along the way,” said Gareth Gaston, executive vice president, Omnichannel, U.S. Bank.
The research found that face-to-face interaction will still be important in the future as 63 per cent of respondents said they will never make all of their financial transactions digitally. This appears to be down to a fear that banks’ services will become worse if they go completely digital (80 per cent).
That could explain why 86 percent plan to bank in physical branches over the next five years. Further emphasizing the desire for personal interaction, 8 out of 10 Americans prefer working with a professional banker instead of a virtual one to resolve issues.
When asked what technology they were most excited to try, millennials said they want to use 3-D printers in order to print debit or credit cards at home. Gen X and baby boomers are excited to try retina scanners to sign for purchases (41 per cent).
“Consumers are challenging the industry to meet them where they are, and that requires a mastery of the delicate balance between convenience, security, and personalized engagement,” said Dominic Venturo, chief innovation officer at U.S. Bank
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With advancements in technology and the subsequent availability of data, it seems surprising that banks seem to know less about their customers than ever before.