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Changing Channel Preferences in Retail Banking - UK - October 2016

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Changing Channel Preferences in Retail Banking - UK - October 2016

“Consumers have made an irreversible switch from traditional banking channels to digital banking. People not only use online banking more than branches, but see it as the preferential choice for everyday banking and are more satisfied with it than any other channel. The challenge for banks is how to prevent the shift online weakening customer relationships and undermining customer loyalty. This will become even more pressing as Open Banking looms on the horizon.”

– Rich Shepherd, Senior Financial Services Analyst

This report discusses the following key topics:

Consumers have forgiven security concerns to reap the benefits of online banking
Branches still have a place in modern banking
Early adopters have significant influence over future innovation


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