Last updated: 06:05 / Monday, 29 August 2016
Says Verdict Financial

UK Mass Affluents are Enthusiastic Users of Digital Banking Channels

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UK Mass Affluents are Enthusiastic Users of Digital Banking Channels
  • 89% of mass affluents use online banking at least once a week
  • 83% use mobile banking at least once a week
  • Mass affluents were more satisfied than other consumers with the functionality, usability, and security of digital channels, especially mobile

Research by financial services research and insight firm Verdict Financial has found that the UK’s mass affluents, compared to non-mass affluents, are heavier users of online and mobile banking, are more likely to favor these channels for routine activities, and are more satisfied with the performance of digital banking channels.

The company’s latest report finds that among those who use online banking, 89% of mass affluents accessed this channel at least once a week, compared to 83% of non-mass affluents. For mobile banking, the equivalent weekly usage figures were 83% and 79%, respectively.

Furthermore, mass affluents are slightly more inclined to use digital channels to carry out activities such as checking their balance, paying bills, and managing their direct debits.

Daoud Fakhri, Principal Analyst for Retail Banking at Verdict Financial, states: “Mass affluents are more confident about financial management than other consumers, finding it easier, for example, to keep track of their day-to-day spending. As such, they are more at home using digital self-service channels and less reliant on speaking to bank staff, whether in-branch or in a call center.”

Verdict Financial’s report also found that mass affluents were more satisfied than other consumers with the functionality, usability, and security of digital channels, especially mobile. For example, while only 36% of non-mass affluents were very satisfied with mobile banking security, this rose to 45% of mass affluents.

Fakhri continues: “The high level of enthusiasm for digital banking among mass affluents is good news for the banking industry. Banks are trying hard to migrate their customers to their online and mobile banking platforms, which incur far lower operational costs than branch networks and call centers, and it appears that mass affluents are happier than non-mass affluents to go along with this.

“Given that mass affluents are a highly attractive demographic in terms of their revenue-generating potential, there is clearly a strong incentive for banks to continue developing their digital channels by adding new functionality and improving ease of use.”

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