Global: Visiting banks in real life is low on the list for consumers
October 19th, 2021, Cheryl Kar

Global: Visiting banks in real life is low on the list for consumers

YouGov’s latest survey across 17 markets shows that more than two in five consumers globally prefer a mobile app to interact with their bank

A new study conducted by YouGov for Bloomberg News asked consumers across 17 international markets their preferred way of interacting with banks. The results show a strong favor for online platforms as more than two in five consumers globally say they would prefer using a mobile banking app (43%) and a quarter would opt for the bank’s website (26%). While some parts of the world are returning to pre-pandemic life, when it comes to banking matters just one in five global consumers would choose to visit the bank in-person (20%).

The data, however, shows key differences across different markets when it comes to interacting with a bank. Preference for using a mobile banking app is substantially higher among consumers in urban Mexico (57%), online consumers in Indonesia (55%), Great Britain (52%), online consumers in China (51%) and Singapore (49%). Consumers in the UAE and urban Indians are less likely than the global average to say they would use a mobile banking app. Respondents in France (36%), online consumers in Hong Kong (34%) and the US (34%) are further down the list on preference for an app-based interaction.

Europeans are largely ahead of the global average when it comes to banking through a website. In Germany, for example, 44% of respondents say they would use a bank’s website to interact with it. Following are respondents in Denmark, Sweden and Poland (39%, 35% and 32%, respectively). In Great Britain, a quarter of respondents say they would prefer online banking (26%), exactly in line with the global average for this behavior. Popularity of online banking among consumers in the UAE, urban Mexico and online consumers in Indonesia is lower than in other markets of our survey.

When it comes to an in-person visit to the bank, online consumers in Indonesia and urban Indians take the lead (29% and 27% respectively). In the US, less than a quarter of consumers would prefer paying a visit (24%) in person over other forms of interaction. Respondents in Australia, Great Britain and online consumers in China are far behind global consumers when it comes to visiting a bank branch and as few as one in 12 Swedes (8%) would prefer in real life visit.

Inclination toward telephone banking, the least preferred mode of interaction with a bank among global consumers, is highest among online respondents in Hong Kong (13%), followed closely by respondents in the UAE (11%).

It’s clear that even after the rollout of vaccination drives in many countries, consumers intend to take the digital route when it comes to banking, suggesting that apps, websites and other online platforms will play a much more central role in people’s banking from here on.

Other findings from this study were featured in Bloomberg News.

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Methodology: The data is based on the interviews of adults aged 18 and over in 17 markets. All interviews were conducted online in August 2021. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples.

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