"With many non-traditional entrants to the banking market emerging in 2012, the issue of customer loyalty to their bank has been a hot topic of discussion. Recent research from YouGov shows that, of Britons with a bank or building society current account, 81 per cent use online banking and 20 per cent use mobile banking at least once a month. These percentages look set to soar in 2013, catching up with traditional internet banking via a PC as ever more people access their bank accounts via smartphones, iPads and other digital devices.
It is crucial to note that 2013 will not be about ‘internet banking’, or ‘mobile banking’, but digital banking. With the Vickers account switching legislation coming into force in September, it will be the year that bank and customer relationships are tested, and banks cannot afford not to adapt to consumers’ digital demands. An effective digital banking service makes over half (51% of Britons) loyal to their main bank or building society, yet nearly one third (29%) of current account holders online have experienced frustrations with their digital banking services in the last year – highlighting the major work that needs to be done to ensure basic service needs are met. A consolidated customer view will be crucial, as customers will not tolerate siloed ‘money to people’ engagements."
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