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Banks & Social Media Don't Mix, Finds Study

LONDON -- Banking customers around the world are cautious of social media when dealing with personal finance matters and prefer personalised services to be at the centre of their relationship, according to a new study by BT and Avaya.

The study found that, despite the growing use of telephone, mobile and internet banking in recent years, almost three quarters (73 per cent) of customers in the UK — and a similar number in Germany, Spain and the US — see their local branch as the most vital link with their bank in the future – second only to cash machines.

The results suggest that customers want the same personalised service that local branches deliver, regardless of whether the interaction with their financial services provider is taking place in person, on the phone or using the internet.

The findings of the survey present a particular opportunity for the UK financial services sector as it looks to strengthen its relationship with customers. The study found that just over a third (34 per cent) of British consumers said they have a strong relationship with their bank. This compares to 40 per cent in Spain, over half (55 per cent) in the US and two thirds (64 per cent) in Germany.

BT Group plc (NYSE: BT; London: BTA)

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