Convenience of digital banking undermined by trust issues

LONDON – May 8, 2017 – A new study shows 62 percent of UK adults would prefer to do their banking online than in a physical branch. However, only 23 percent currently trust the information they receive online from banks, with in-person banking remaining the most trusted source of information for 58 percent of UK adults. Commissioned by Lithium Technologies, the study of 2,000 UK adults uncovers a significant opportunity for financial institutions who can crack the code and build trust with consumers on digital channels. [click to Tweet: https://ctt.ec/Gt6Ku]

“This is a huge opportunity for the UK financial services sector,” said Rob Tarkoff, president and CEO of Lithium Technologies. “Consumers have a strong and clear preference towards digital banking, but the current experience does not meet expectations.”

“What we hear from customers is that the way to build trust with consumers on digital is to serve them in the channel of their choice, get them the right answers when and where they want, and help them connect with other customers,” continued Tarkoff. “Banks that can rise to this challenge and provide fantastic experiences for their customers on digital channels stand to win.”

When asked which they found to be the most convenient way to do their banking:

  • 59 percent chose digital
  • 23 percent opted for in-person
  • Only 9 percent prefer telephone

But with regards to trust:

  • In-person banking is regarded as being the most trustworthy for 58 percent of UK adults
  • Digital banking is the most trusted for 23 percent
  • Telephone banking is the most trusted for only 10 percent

For more information, download the accompanying whitepaper here: https://www.lithium.com/resources/white-papers/how-fantastic-digital-customer-experiences-can-help-financial-services-brands-build-trust-online

Link to an infographic highlighting the study’s findings: https://www.lithium.com/pdfs/infographic/lithium_brits_are_sceptical_when_it_comes_to_what_banks_say_online.pdf

About Lithium:

Lithium delivers awesome digital customer experiences at scale for the world’s biggest brands including Airbnb, AT&T, Sephora and Spotify.

Comprising Social Media Management and Communities, the Lithium engagement platform enables brands to manage multiple digital touchpoints, facilitate millions of conversations, and drive smarter decisions through data – connecting customers, content and conversations at the right digital moment.

Lithium has a massive digital footprint with approximately 480 million new digital interactions analyzed daily, 100 million monthly visitors across its Online Communities, and 850 million online profiles scored through Klout.

Learn more at www.lithium.com, join our community at community.lithium.com, or follow us on Twitter @LithiumTech. Lithium is a privately held company based in San Francisco.

The Lithium® logo is a registered Service Mark of Lithium Technologies. All other trademarks and product names are the property of their respective owners.

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