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Technology is evolving at an incredible rate and many marketers are using these advancements to build brand loyalty. This can be particularly effective among members of the younger generation who expect customer experiences to incorporate smartphones and a host of online applications.
However it’s important to note that using technology to build customer loyalty is not a cure all, at least, not yet. Brands reaching out to a diverse consumer base, especially those varied by age, need to utilize all possible marketing channels, not simply the newest, most convenient, or high-tech.
A new survey directed by Compass Plus, an international software design firm that provides integrated payment and processing solutions to financial institutions, reported that age and routine were significant factors in determining consumer banking decisions.
After 650 UK citizens were queried about their banking practices, the survey found that the preferences and trust of each person were most closely aligned with the channels they had already used throughout the majority of their banking history.
Based on these results, it is no surprise that online banking ranked first among people under 45. 73.1% of people preferred using the Internet, while Smartphones and mobile devices also ranked high among this age group.
People over 45, however, still felt more comfortable visiting an actual brick and mortar branch. This number also rose dramatically as age increased. Almost half (43.9%) of those between 46 and 59 years old and 65.7% for those over 60 preferred conducting banking activities at an actual branch.
Questions relating to the perceived security of various banking channels also showed differentiated age-related results. Most people over 60 felt that cash transactions (80%) were the most secure, while also viewing mobile (90%) as the least secure.
Even though Compass Plus focused specifically on banking routines, the larger implications for retailers across industries is clear. Effective consumer engagement requires meeting the needs of customers on their level. Since ingrained behaviors still hold considerable sway over consumer habits, a solitary marketing approach will be far less successful than an omnichannel approach.
Maria Nottingham, CEO at Compass Plus GB, echoed this sentiment. “With such a clar conflict of opinion between consumers in different age groups, it is even more certain that financial institutions and retailers alike must offer services across all channels to completely cover their customer base and ensure their loyalty,” she said.
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