New research on the British public’s opinion on banks has found that Brits are unlikely to remain loyal to one bank. The study, conducted by UserTesting, a SaaS leader in experience research and insights, found that 90% of Brits now have accounts with multiple banks. 

While a majority of respondents in the UK reported being broadly satisfied with their bank’s app (93%), currently apps are not solving all of customers' needs, as 47% of respondents reported having to call their bank’s helpline for answers. Customer loyalty has also remained low, with nearly three in five (57%) having changed their main bank in the last decade, with better interest offers elsewhere (33%) and the temptation of purely digital banks (13%) as the leading drivers of switches.

Of those surveyed across Germany, France and Britain, Brits were the most likely to utilise multiple accounts, with 73% of German and 77% of French respondents also reporting they utilise numerous banks. While most respondents across the three countries have accounts with two to three banks (58%), 4% currently utilise five or more. 

Commenting on the findings, Caroline Vize, Director of UX Research Partners at UserTesting, said: “Across Germany, France and the UK, we’re seeing a pattern of customers being broadly satisfied with their bank’s current offerings, but equally being very easily convinced to switch for better monetary or digital offerings. With customers leveraging multiple banks for their various strengths, financial institutions must be prepared for a more competitive landscape. This offers both a challenge, and an opportunity.” 

“Innovating your products and developing new offers can tempt customers away from your competitors, as well as ensuring your own are satisfied in order to retain them. This requires ongoing evaluation of your offering; ensuring all touchpoints are seamless, and that you’re proactively identifying and rectifying any issues or friction for customers before they become full-blown issues can ensure your current customers remain loyal.”

Digital Innovations and AI

Banking is increasingly dominated by digital experiences, with over nine in 10 (93%) regularly utilising their bank's mobile app, while only 22% make visits to in-person banks. While 62% report they now do all of their banking online, nearly one in five (19%) say the lack of human interaction and advice is an issue, while a third (32%) have experienced app breakages and downtime. 

On the incorporation of Artificial Intelligence (AI), opinions are split with 44% feeling it improves the banking experience, while almost a quarter (24%) report it currently worsens it.

Vize adds: “With banks constantly looking to add capabilities and implement new technologies to impress their customers and show that they’re on the cutting edge, AI has seen massive adoption across a variety of touchpoints. 

“The results show that adding AI to your existing operation purely as a gimmick may not deliver the value financial institutions are hoping for. Instead, brands need to speak to their customers' to determine their comfort levels with AI, and it should be added only where it can streamline an existing process rather than adding extra complication or barriers for users.”