The uptake and dominance of digital-only app banks has been the subject of a number of media articles in recent years and we at Harris Interactive, in partnership with This is Money, decided we’d take a look at the subject.
We were keen to find out; “what is pulling consumers towards these banks”, “to understand what barriers are stopping more people opening accounts of this nature”, “consumer propensity to switching” and “to gauge what else can be done by these banks to gain greater market share”.
We ran a nationally representative survey on our Harris 24 solution with 1153 adults aged 18+ and the resulting article can be viewed here:
The article reviews many of the areas we investigated. Here are a few of areas that stood out to the Financial Services team at Harris Interactive.
Taking everything into account, it is apparent that digital only app banks still have a way to go before they are considered an equal opponent to the traditional banks in terms of a “bank account provider of the masses”.
There is not a one size fits all checklist for digital-only app banks to follow in terms of increasing market share, as consumers are at different places on their digital adoption uptake. Digital-only app banks need to ensure they address specific issues around security, offering appropriate reassurance and help to “digital prospects” but also offer market leading rates and products to “digital natives” who feel comfortable by the idea of an app bank account.
Please contact us for more details about this research and how Harris 24 can be used by you to gain feedback about your target customers.