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Consumers frustrated by online banking services, survey finds

Many consumers feel let down by traditional high street banks’ online services and support since lockdown, research suggests.

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Many consumers have been frustrated with their bank’s online services, according to a survey (PA)

Many consumers have been frustrated with their bank’s online services, according to a survey (PA)

Many consumers have been frustrated with their bank’s online services, according to a survey (PA)

Many consumers have been frustrated at their bank’s level of online services at a time when physical branches are open less often due to the coronavirus pandemic, a survey has found.

Some 58% of people said they had been unable to access the help or online banking facilities they needed from home, according to technology services company Olive.

With many banks having reduced their opening hours, some consumers surveyed said they had been unable to get through online when needed, and 30% criticised their bank for failing to respond to their query in “real time”.

Some people said they could not contact their bank online through live chat, virtual agent or social media, the research among 2,000 consumers found.

Younger adults were also particularly likely to complain of a lack of video banking facilities.

Consumers are still feeling immensely frustrated by the lack of choice, accessibility and, at times, quality of online servicesMartin Flick, Olive

But Olive also found that banks have been striving to improve their online banking services.

Nearly three-quarters (73%) of banks surveyed by Olive since the pandemic are spending £50,000 or more in improving their digital and online customer services and a third have invested between £500,000 and £2 million, it found.

Martin Flick, chief executive at Olive, said: “Lockdown has been a real opportunity for banks to aid and support their customers through testing times, by providing the best in collaborative online customer service, enabling customers to stay safe and observe social distancing rules by being able to bank online, whenever and however.

“Despite banks investing significant sums in enhancing their digital banking systems since Covid-19, our report shows that consumers are still feeling immensely frustrated by the lack of choice, accessibility and, at times, quality of online services.”

PA Media