There’s no question that the banking industry is adapting to the mobile-first era. In fact, financial institutions spent more than $8 billion on digital advertising in 2016. However, a study by Invoca found that consumers rely heavily on offline interactions when making important financial decisions. To understand how consumers interact with their banks, we surveyed more than 1,200 people on the process of borrowing money. Sample findings include:
- 75% of consumers say it’s important or extremely important to be able to easily switch between channels when interacting with their bank.
- 93% of people who took out loans of $100,000 or more made at least one call to the financial institution they ultimately chose for their loan.
- 57% of people are more likely to take out a loan from a financial institution that has provided a positive phone experience.
As banking becomes more digital, it’s clear that human interaction will still play a large role in financial services. For example, while 80% of people use their bank’s app for checking balances or transferring money, consumers prefer to use offline interactions for more complex or sensitive issues. Banks need to think beyond digital, as phone calls and branch visits build trust, confidence, and long-lasting relationships, which are critical for consumers choosing an institution from which to purchase high-value financial products and safeguard their finances.