Despite the growth in Internet banking, many UK consumers still want to contact their bank by phone, according to research published by The Henley Centre and BT which estimates that £4.6 million may be lost each year as a result of customers failing to get through when calling to enquire about new accounts, credit cards or loans.
The research found that 42% of those surveyed now use Internet banking services, compared to just 12% in 2001. But almost half - 45% - still want a phone agent available to talk to them whilst they complete a transaction on a Web site.
Slow responses to phone calls are not tolerated by consumers either - when faced with an engaged tone nearly a quarter (24%) give up altogether, while almost a third (31%) will try another company.
Commenting on the research, Gary Bullard, MD, UK, BT Global Services, says: "Customers want instant access to the best products, advice and information. A big challenge for banks is to replicate this quality of service and innovation across all channels, including the Web and the phone."
The research also revealed that one in four UK adults knows someone who has had their identity taken or misused, or has experienced this for themselves, but only a third of consumers are taking adequate measures - such as using different passwords and shredding old documents - to avoid becoming a victim of identity fraud.