FILIPINOS still prefer face-to-face transactions over online banking despite the strong penetration of mobile technology in the Philippines, a regional survey by information technology firm Unisys has found.
The survey results came amid growing concern over cybercrimes, as well as technical glitches that recently hounded a few banks.
Unisys said that among Asia-Pacific survey respondents, Filipino customers were most likely to make transactions in a bank branch, even as 54 percent of them said they were annoyed by long bank queues.
Also, 51 percent of Filipino customers felt safe but frustrated when their credit cards were frozen due to suspected fraud, 30 percent felt safer, and 5 percent felt annoyed.
The survey had a thousand Asia-Pacific respondents aged 18 years old and above.
Unisys said banks should improve digital technology by taking note of customers’ banking experiences.
“Maybe banks need to do something about those queues. That means better queue management techniques,” said Ian Selbie, Unisys Asia-Pacific financial services solutions director, in a presentation.
“That probably means making the digital channel more streamlined and easier to use,” he added.
For example, banks should adapt responsive design technology on their websites, to allow web pages to adjust to the size of a mobile screen.
“Another major area that hasn’t improved customers’ experience is the area of security. Typically, as we saw from the research of a bank account, customers want to be protected but they don’t want their experience to be impaired,” Selbie said.
“The fraud detection system that banks use can be improved to do a better job. For example, detecting fraud on real time, so you block the bad transaction and let the good transactions through, rather than having to block the entire account,” he added.
Unisys enumerated five steps to a “quality banking experience.”
First, designing offerings from the customers’ point of view, addressing their concerns and providing solutions to inconveniences. Second, understanding what drives the personal focus of some transactions.
Third, using of analytics to decrease security and fraud risks. Fourth, staying relevant by personalizing experiences. Fifth, adapting digital technology “without forgetting the branch.”
“Self-learning analytic technologies help banks to actively monitor all transactions at all times,” Unisys said.