International Finance

Conflicting expectations when it comes to communication from banks

Whether or not you like being classified as a Baby boomer, Millennial or Generation Z, there’s a vast difference in the habits of different generations. The least any of us could do is accept the superficial label presented to us and adjust to the changing times.

The gap between two generations, even 10 years apart, has shown conflict in all spheres of life. So it shouldn’t be surprising when banks haven’t yet come up with an adequate solution to counter conflicting complaints from its consumers.

A survey carried out by Engage Hub, among 2,000 UK citizens, revealed crucial user information on how they set their preferences and priorities when it comes to accessing technology.

There is plenty of data available in the form of customer feedback, which is all that most companies require compared to marketing. And this is exactly what Engage Hub specialises in – i.e., data driven customer engagement solutions. With the help of this data, it can be inferred that not everyone expects to use the same medium of communication with their banks. Whichever medium you use, there will always be a section of people thinking the banks aren’t good enough for them.

Given the ever changing tech-sphere we live in, it has become very important to expand the avenues with which banks and agents stay in touch with their customers. While the most preferred medium of communication is email with 44% of those who undertook the survey having said so, there are other ways of communicating, including, text messages, apps, voice, social media and messaging platform.

While 38% respondents in the demography belonging to the 18 – 24 years’ bracket prefer email, the figure goes up to 54% for those above 65 years. This stat has only been increasing over the years. Apps are the second highest preference for the younger lot accounting for 37%. On the other hand, it is 17% and decelerating for those in the 65+ category.

When asked if their banks communicated via their preferred choice of medium, only 40% seem to have agreed while 17% feel the banks never communicate in their preferred channel of communication.

10% of those who took the survey believe that the banks aren’t at all aware of what medium their customers prefer. This gap in communication has left a vast majority of people who took the survey to reconsider the bank they are using and hence contemplate shifting banks.

Experts believe that although there has been a recent surge in Internet Banking, one cannot underestimate the technological leanings of today’s youth as phones have come to represent a fundamental necessity in carrying out day-to-day activities. So, it has only become imperative for banks to make this technological shift. The sooner the banks get on to doing it, the more ahead of peers they will be.

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