Account fatigue is deterring people from engaging with financial service providers’ portals and platforms, new research from Beyond Encryption has shown.
On average, Britons have 119 online accounts with businesses and 50% of respondents said they feel ‘overwhelmed’ by the number of accounts they have.
Consumers have an average of 21 online logins just for accounts managing their finances or insurance, the research found.
Beyond Encryption said that the high number of online accounts is leaving consumers struggling to remember their login details, with almost 40% of those surveyed requesting a new password on a monthly basis and one fifth requesting to reset their password on a weekly basis.
The digital communications firm warned that digital fatigue could pose a “huge issue” for the financial service sector, as it impacts customer engagement. Three fifths (60%) of consumers find pension, mortgage and insurance portals difficult to use and pensions and life insurance providers said that only 30-40% of customers access their portal accounts annually. Additionally, 43% of consumers said that issues with their logins deter them from using online services altogether.
Paul Holland, CEO of Beyond Encryption, said: “Our report outlines a need for financial services to acknowledge the issue of digital fatigue, adjusting strategies accordingly to enhance customer engagement. When you provide your customers with a portal, you may be making it easier for them to interact with you in particular ways, but you must be acutely aware that you are adding to their overall digital burden.
“It’s vital that financial services providers look for ways they can streamline access to their portals, enhance communication, and simplify navigation in order to bridge the significant engagement gap between customers and their platforms.”
The research also found that consumers’ preferred method of communication is email, with 65% stating they would prefer their banks, pension providers and advisers to share information this way, far above the 27% who cited post and 7% who said portal.
