News & Views - Savantor

The roles of convenience and trustworthiness

Tuesday, 16 October 2018

Nearly a third of bank customers around the world would consider changing to one of the big technology providers, such as Amazon or Facebook, to provide their banking services, according to a recent survey undertaken by Capgemini for its latest retail banking report.

These large companies have become so integral to today’s way of life, that people have developed a sense of trust in them as much as to the traditional ‘experts’ of retail banking.

Is this such a surprise? In the UK alone in the past month, there have been several instances of system outages when customers have been unable to access their accounts. This is in addition to numerous other system disruptions which have taken place during the year, the worst of which was suffered by TSB, which have significantly impacted and frustrated bank customers.

There has also been an increase in the amount of fraud experienced by bank customers, particularly in terms of fraudulent use of identity and of authorised push payments, where Banks appear to be reticent to take responsibility for the failure of their systems in preventing fraudulent activity from taking place.

Added to this is the continued shutting down of bank branches – which is more likely to increase with an increase in customer satisfaction and greater competition from other potential banking players.

Is it achievable, for the big technology companies to move into providing banking services? Almost certainly so, and to some extent this is already taking place. These companies hold a myriad of data about their customers, as well as already having numerous payment mechanisms in place – think Apple and ApplePay to name but one. A recent study, conducted in the US, found that US banks trail Amazon in customer loyalty, and suggests that Amazon can count on significant demand for basic banking services.

Two of the key factors which can be said to be important to consumers about the provision of their banking services are that they are in the first instance, trustworthy and dependable, and also that they are convenient and easy to use.

This is fully demonstrated by the increasing rise in the use of contactless. The growth in this means of payment is both due to ease of use and increase in trust of it as a means of payment. According to a survey undertaken by GoCompare, consumers are now looking for the contactless limit to be increased to at least £50.

If the idea of one of today’s technology providers also providing financial and banking services had once been raised, it is likely that such a suggestion would have provoked a negative reaction of dismay all round. The same cannot still be said today.

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