Despite increased availability of AI and automated banking services, one international survey showed that manual interventions still appealed to many respondents.
Based on a survey of 9,000 adults aged 18+ in Australia, Canada, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, the UK and the US in October 2023, a software technology firm has announced their findings on the state of consumer banking last year.
First, when it came to investing money, handling finances and keeping data safe, 79% of respondents cited trusting their banks. However, 30% (rising to 37% for those in the 18–34 age group) were still considering changing banks in the next 12 months, lured by better rates and rewards elsewhere.
Second, 86% of respondents had visited their banks in the past 12 months, mainly for deposits and cash access despite awareness that most services are available digitally.
Three other findings
Respondents deem two services as the most important over the next three years: Instant payments (78%) and digital access to a banker or concierge (64%).
Also, 21% of respondents were taking up AI banking tools; of these adopters, 96% expressed high satisfaction with the results. Also, 57% would not feel comfortable acting on AI financial recommendations, with discomfort being the highest among the older age groups.
Finally, 74% of the consumers surveyed used an average of two to three financial providers in addition to their primary bank, especially for credit cards, savings and checking or withdrawals, with 25% using third-party money management apps.
According to Balazs Fejes, President (EU and APAC Markets), EPAM, the firm sharing its survey results and findings, in the face of rapidly changing market dynamics marked by high interest rates, inflationary pressures and market volatility, consumer banks in the survey had managed to uphold high levels of trust and customer satisfaction among the respondents: “To remain competitive in this evolving climate, banks must embrace automation for improved personalization and engagement across all customer channels, leveraging AI for operational efficiency and forging technology partnerships to drive innovation and cost reduction.”