Adapt or die: What can retail, health and other industries learn from banks? Turns out, a lot
What can retail, health and other industries learn from banks? Turns out, a lot. A third of Brits rate their digital experiences in financial services a 9 or 10 out of 10 compared to other industries.
In fact, whether it is making payments, getting a loan or even opening a new account, by far most people prefer to do this online rather than physically go into a bank branch, even when the help of a financial advisor is needed.
More than three in four Brits communicate most often online via a bank app or website, with only 16 per cent interacting with their bank in person, according to a new report that was shared with Morning Wire this afternoon.
The research by digital business transformation giant Publicis Sapient also found that more than one in three Brits may change their bank in the next year.
Online-only
The report’s findings indicate that 93 per cent of respondents are spending more or the same amount of time online than they did in 2020, and when they engage on digital platforms, they prefer seamless experiences.
What is also evident is that omni-channel experiences are very important to keeping people satisfied and the quality of those experiences can influence purchase decisions, either positively or negatively.
“Companies must adapt to people’s evolving behaviours in order to survive”
Teresa Barreira, Publicis Sapient’
“Over the last 18 months, we’ve shifted many of our activities and interactions from the physical to the digital world. Today, as people enjoy improved online experiences in one industry, they expect the same easy and convenient digital experiences across other industries,” explained Teresa Barreira, Publicis Sapient’s Global Chief Marketing Officer.
How banks stack up to other sectors
Compared to other industries, such as retail, travel, auto and health, people were most satisfied with digital experiences in financial services, with 33 per cent of respondents rating their experiences a 9 or 10 out of 10.
Online, dissatisfaction typically occurs when a certain activity is too difficult to navigate or requires too many steps to complete, signalling a need for more seamless digital experiences across channels.
Digital experiences must remain a priority in financial services, as 77 per cent of the people that were interviewed said they prefer to interact with their banks online rather than in-person.
“As customers today have easier access and exposure to a large and diverse set of digital services, they’re no longer satisfied with just getting what they want,” said David Donovan, Publicis Sapient’s EVP and Head of Financial Services for the Americas.
“Banks that fail to adapt risk extinction.”
David Donovan, Publicis Sapient
“Today’s consumer demands flexibility in how and where they engage financial services in order to get what they want. Banks that take advantage of this shift will outpace their customers and seize a new generation of customers,” Donovan added.
Frustrated online shoppers
Interestingly, the report also found that nearly half of respondents (48 per cent) said that they are more likely to buy from a brand that offers an easy-to-navigate website or mobile app.
Moreover, 68 per cent of respondents said they will abandon their shopping cart if the checkout process is too difficult or confusing to navigate. Nearly half of respondents (49 per cent) said they’ll stop using a website or platform because of bad design.
The five greatest frustrations respondents said they have when visiting a brand or a retailer’s website are out of stock products (73 per cent), poor search function (62 per cent), slow loading time (60 per cent), lack of seller information (54 per cent) and unclear site navigation (54 per cent).
Only 38 per cent were satisfied with their ability to “try on” and “try out” products online. Respondents said returns (45 per cent) and resolving customer service issues (48%) fell short.
Health
In healthcare, a third of respondents said the biggest barrier to telehealth use is having a condition or health concern that requires an in-person visit, while one in seven said that they are not confident in their ability to navigate telehealth technology.
However, consumers indicated that improving the overall telehealth experience should involve enhancing the digital experience by offering a mobile app for scheduling (37 per cent) or offering online portals where medical information can be easily accessed (35 per cent).
“We need to integrate multiple relationships into the new ‘distributed care’ model. These relationships need to be seamless, involve multi-specialists, need to function in a way in which people expect digital experiences to work, such as responding to messages in a timely manner, and, most importantly, they need to add value with minimal effort required by the end user,” stressed Hugo Manassei, Publicis Sapient’s GVP of Healthcare Transformation.
The report, the third edition of the firm’s Digital Life Index, is based on a survey of 9,300 consumers from the US, Canada, Australia, United Kingdom, Germany, France, Sweden, Denmark, Hong Kong, Thailand, Singapore and the UAE. It explored people’s behaviors, satisfaction and expectations as they relate to their digital experiences across three industries: retail, financial services and health.