The market research institute CENSUSWIDE surveyed 1,500 consumers in Switzerland and Germany on behalf of digital banking market leader CREALOGIX. The aim was to discover what bank customers want from their mobile banking, and to determine whether their current bank fulfils these expectations and how rival banks’ offering affects their customers’ demands on their bank.
High demand for convenient mobile banking
Intuitive mobile banking with a fully digital, rapid onboarding process and an overview of all transactions with just a few clicks is a central requirement for bank customers. 70% would open a new account for a mobile banking solution that meets their needs. In Switzerland this figure is 61.8%, rising above three-quarters of respondents (75.5%) in Germany. The proportion of Swiss consumers among 35-44 year olds is particularly high. Almost three-quarters (74%) would open a new bank account in order to manage their finances better with their smartphones. The share of 25- to 34-year-olds (72%) is similar to the older age bracket, while 16-24-year-olds have a share of more than two-thirds (68%). Demand is weakening among 45- to 54-year-olds (57.7%), and almost half (48%) of users aged 55+ would also be attracted by better mobile banking.
“For some years now, we have been observing rival banks establishing themselves in the market with better mobile banking products. They are doing everything they can to inspire customers with practical digital services that fit seamlessly into the lives of modern consumers. We wanted to know how many customers are willing to switch to a rival bank,” explains Oliver Weber, Executive Vice President Switzerland at CREALOGIX.
Nearly 37% of all respondents are considering opening an account with a Challenger Bank in the next 12 months, i.e. a financial institution without branches where all transactions are handled through the smartphone. “Although only 28.7% of respondents in Switzerland currently have an account with rival banks,” added Weber, “banks should act now to secure their position as principal banks with their own attractive mobile banking in the medium term.” Only 31.4% of all respondents are completely satisfied with their current mobile banking. While the proportion of those surveyed in Switzerland is 38.2%, banks in Germany are performing worse with just under a quarter (24.5%) satisfied.
About the study – Convenience first: How Challenger banks whet the appetite for mobile banking
On behalf of the digital banking market leader CREALOGIX, the market research institute CENSUSWIDE surveyed 1,500 consumers in Switzerland and Germany between 12 February 2019 and 18 February 2019.
Yvonne Schäpper, C-Matrix Communications AG
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