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Behavioral Research: What are the barriers to banking digitalization?

We conducted a research study on the barriers and facilitators in the adoption of digital products in the banking sector.



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Client:

One of the largest and most recognized banking institutions in Latin America. The institution offers a variety of financial services to a broad customer base in the region.


Context description:

The institution faced the challenge of increasing the adoption of digital channels (mobile app and online banking) among its customers. Through a comprehensive qualitative and quantitative research study we sought to understand the factors that influence the choice of digital or face-to-face channels.


What we did:

The main objective was to identify the barriers and facilitators that influence the digitalization of the institution's customers. First, we conducted a qualitative study that sought to understand what facilitates or prevents customers from using digital channels for their banking operations, through an analysis of the capacity, opportunity and motivation they presented (factors that predict human behavior). Then, based on the hypotheses that emerged from the qualitative study, we developed a questionnaire to measure the presence or absence of barriers and facilitators, with the objective of promoting digitalization. Finally, we provided recommendations to promote the use of the organization's digital services.


Methodology:

  • Behavioral Research:

    • Bibliographic analysis.

    • In-depth interviews.

    • Online surveys.


Key results:

The results revealed multiple factors that influence customer digitization. Among them, we highlight the following three:

  1. The perceived level of difficulty regarding the use of digital channels (capability).

  2. The minimum requirements to use the app on their cell phones (opportunity).

  3. The fear of making mistakes when performing operations (motivation).



Insights for decision making:

Blended Behavioral Research enabled a more complete understanding of the dynamics underlying digitization. By integrating in-depth interviews with online surveys, we gained insights into both personal experiences and general trends. This helped the institution not only to identify barriers and enablers but also to understand the deep reasons behind customer preferences. This blended approach led to more precise interventions and targeted communication strategies, resulting in more effective promotion of the use of digital channels and improved customer satisfaction with these services.



 

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