The Digital Disconnect

Consumers Value Relationships with Financial Institutions, Yet Feel Distant

Study: Convenience and Speed Are Top Benefits of Digital Experience;
People Are Still Concerned About Security

MIAMI, FL and DENVER, CO–(Marketwired – April 29, 2015) – Of the 82 percent of people who access financial digital interfaces (websites or mobile apps), 67 percent say having a relationship with their financial institutions is important or very important.

Yet, 39 percent say that the progression toward online and mobile banking has left them feeling less connected with their financial institution, according to a recent study conducted by EffectiveUI, announced today at NetFinance in Miami. Among those who access financial accounts digitally, 75 percent do so either always or more often than in person.

Speed, convenience… and apprehension

People cite convenience (49 percent), speed (20 percent) and not having to adhere to branch hours (17 percent) as the top reasons they like managing accounts digitally. With digital access to financial accounts becoming more prevalent, however, people still have apprehensions about the digital experience they encounter when interacting with their finances through online or mobile interfaces:

  • 61 percent say they are at least sometimes frustrated with their financial institutions' digital interfaces
  • 49 percent have had to call the institution because the service they wanted wasn't available digitally
  • 25 percent have felt the digital experience with their bank or investment firm was confusing

When asked to rank their concerns about financial digital interfaces, people named the following as the most worrisome:

  • Concerns about security (55 percent)
  • Inability to ask questions (21 percent)
  • Lack of personal interaction (12 percent)
We hear from financial institutions that their relationships with customers are of the utmost importance, but that doesn't always translate to the digital interface

While the majority of people (76 percent) who digitally interact with their financial institutions agree that the overall customer experience is consistent from the branch to digital, 49 percent say they don't feel their digital experience is personalized and friendly.

"We hear from financial institutions that their relationships with customers are of the utmost importance, but that doesn't always translate to the digital interface," said Rebecca Flavin, CEO of EffectiveUI. "Many of the concerns people have with their financial digital interfaces can be greatly impacted by thoroughly understanding the customer's context, environment, needs and goals; then applying those learnings to the workflow and interaction design."

Enhancing a digital interface can not only improve the customer experience and address concerns, but it can also save financial institutions money. More than 35 percent of people who access their accounts digitally have had to call in to the call center because they forgot their login information. By creating easier ways for people to self serve, incoming calls and call center agent time can be better spent on high-value customer interactions.


The survey of 1,024 U.S. adults was powered by SurveyMonkey Audience and completed in April 2015. About EffectiveUI EffectiveUI is the go-to UX partner for high-technology companies, including industry leaders within financial services, aerospace and aviation, biotech and healthcare, consumer and industrial electronics, defense, energy, software and telecom. In making technology more usable, useful and desirable, we help our clients reinvent significant aspects of their business – from the experience provided to customers, to the tools used to streamline operations, to the products brought to market. We work collaboratively with clients to solve complex business problems and drive transformation through four tightly integrated areas of expertise: user research and insight, digital strategy, UX design, and UI development, including React, AngularJS and Bootstrap. Learn more at