1 in 4 Europeans Considered Changing Banks in Last 12 Months: Poll

June 21, 2019 Emma McCulloch

 

Account holders have experienced IT outages in the last 10 weeks, new research reveals

LONDON, United Kingdom, June 21, 2019: One in four (28%) Europeans have considered changing banks in the last 12 months, with poor customer service cited as a key concern, finds a new poll.

The poll – commissioned by Dell Boomi and carried out by OnePoll – quizzed 6,000 adults across the UK, France, Germany, Netherlands, Denmark and Sweden on the customer experience provided by their banks.

Among those that have considered changing banks, better interest rates/services (47%) and attractive new joiner incentives elsewhere (30%) were the leading drivers, followed by feeling frustrated by poor customer service (23%) and a better in-branch customer experience among other banks (22%).

When asked why they bank with their current provider, having “always” been with them (45%) was the main reason, followed by a good all-around customer experience (44%) and a good online banking experience (36%). A good banking app was considered most important by over half (52%) of those aged 18 to 24 – underlying the emphasis placed on tech by younger customers.

Growing competition from digital banks

Of those who have a ‘traditional’ bank account with a high street bank such as NatWest or Barclays, a fifth (20%) also have a digital bank account (with the likes of Monzo, Starling, Revolut, etc.) – a figure which rises to over one in three (36%) under-34s.

Nearly one in five (18%) believe their traditional bank feels ‘a bit old’ and they’re looking for an improved digital performance. This increases to a quarter (25%) of those aged under 34, suggesting that more young people are looking for their bank to modernise its approach.

Tech over branches?

A quarter (25%) of Europeans haven’t visited their bank’s branch for over a year. Seven percent of 18-24s claim to have ‘never’ been to their branch, while a third of over-55s have used their branch services at least once in the last month.

A fifth (21%) would even be happy if their bank closed its branches if it resulted in an improved mobile app / online banking experience. This figure rises to nearly a third (28%) among those aged 18-24.

“New account holders won’t hold the same loyalty to their bank as previous generations have. New players entering the market have overhauled expectations and set the new standard around the digital banking experience. Customers are looking for more than better products when choosing their next provider,” said Derek Thompson, VP of EMEA at Dell Boomi.

“It’s therefore critical that banks assess their current IT ecosystem, ensuring they’re not held back by their legacy infrastructure and can quickly unite their systems, deploying more agile technology to transform customer experience,” he added.

Further investment could also be required to improve the robustness of a bank’s IT systems – with all respondents experiencing IT outages with their current bank in the last 10 weeks on average. More than 1 in 10 (13%) have experienced an outage in the last month, with 18% having experienced one in the last six months.

Open banking education required

Open banking, which came into force on January 13, 2018, requires banks to increase transparency and open APIs to enable third-party developers access to their account holder data and services. Just 21% report their current bank offers open banking services, while 69% are not sure if they do – indicating a requirement for further education in the space.

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About Dell Boomi

Boomi, an independent business unit of Dell, quickly and easily unites everything in your digital ecosystem so you can achieve better business outcomes, faster. Boomi’s intelligent, flexible, scalable platform accelerates your business results by linking your data, systems, applications, processes and people. Harnessing the power of the cloud to unify everything inside and outside of a business, Boomi gives more than 8,200 organizations the agility to lead the future. For more information, visit http://www.boomi.com.

© 2019 Boomi Inc.  Dell, Boomi, and Dell Boomi are trademarks of Dell Inc. or its subsidiaries. Other names or marks may be the trademarks of their respective owners.

The post One in four Europeans have considered changing bank in the last 12 months appeared first on Dell Boomi.

 

About the Author

Emma McCulloch is senior manager, global PR for Dell Boomi.

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