Savanta’s Post

🤳Did your banking app go down, again, on payday? 🏦 Last week, some of the major banking apps were once again hit by IT issues (you know who you are). So, what was the true impact of this? 📊 At Savanta, we used our consumer omnibus to find out.. ⚫ On average, 64% of people who use an app only bank said they would be likely to switch if they experienced any similar issues to the high street banks. ⚫ 40% of Gen Z were significantly or moderately effected by the outage, with 64% saying that they would be likely to switch. ⚫ Alongside this, 67% of high-income earners said that they would also be likely to switch if issues continued to occur. We know in reality that the switching of bank providers is exceptionally low. But, in a digital first world, are these (seemingly) frequent issues going to have a fundamental impact on the ease with which people change providers? What will consumers, and businesses, do to ensure stability and reliance? Using Savanta's weekly consumer survey - you can find out.