A new study surveying 2,000 consumers and 500 banks reveals 58 percent of customers were unable to access needed online banking services since lockdown.

Many customers felt disappointed by the lack of services from their banks’ and the most common complaint was not being able to navigate through online services when needed, said one third of the customers.

The study conducted by managed cloud communications provider Olive, analysed major pain points consumers had with their online banking services. A quarter of customers felt frustrated about disconnected customer service channels, and almost half said that contacting their bank via any online channel (live chat, virtual agent or social media) was impossible. A third of the customers were not able to reach their bank through phone or email.

Millennials and the Generation Z were unhappiest the age groups regarding no video banking facilities offered, thus not meeting their online banking needs.

On a positive note, banks have been putting effort into improving their online banking services, the study finds. Among 500 banks polled, 60 percent admitted not having up to par online banking services for the next generation of digital natives. Sixty-nine percent of banks said improving the online banking facilities and customer services was on their agenda this year.

Despite Olive’s consumer findings, more than half of banks believe they have met the increased demand in customer’s online banking needs since lockdown, with 73 percent investing £50,000 in improving digital and online customer services. One third has invested between half a million and £2 million.

Martin Flick, CEO at Olive said: “While some high street banks do provide excellent digital services, our research highlights the need for wider digitalisation of the industry.”

“Lockdown has been a real opportunity for banks to aid and support their customers through testing times, by providing the best in collaborative, online customer service; enabling customers to stay safe and observe social distancing rules by being able to bank online, whenever and however.”

“Despite banks investing significant sums in enhancing their digital banking systems since Covid-19, our report shows that consumers are still feeling immensely frustrated by the lack of choice, accessibility and at times, quality of online services. In particular, a clear 60 percent of Gen Zs and Millennials feel their digital banking needs are still not been met – a generation where immediacy and convenience are essential, as with generations before”, adds Flick.

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