If you have not yet had a chance to look through the FIS Consumer Banking
The survey, conducted by TNS for FIS, tracks how financial institutions are performing against customer expectations in nine markets: the US, UK, Brazil, Canada, France, Germany, India, Netherlands and Thailand, using data compiled from more than 9,000 banking consumers.
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Among a number of key takeaways:
- 28% of banked UK consumers perceive that their financial institutions meet their expectations. The UK score ranks the country third of the nine markets surveyed;
- The UK ranks bottom of the 9 countries in rewarding customers for their business and helping them manage their finances
- UK consumers view fairness (no hidden charges or fees) as second in importance only to security;
- UK banks outperform almost all others in providing in-person service, and
- UK banks are excelling at innovation and digital access.
Results of the study show that, worldwide, banked consumers say financial institutions excel at providing digital access and convenience.
However, in basic banking areas such as fair and transparent pricing, banks fall below consumer expectations.
In fact, only one in four respondents believes a financial institution meets his or her needs in these basic trust and relationship areas.
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By GlobalDataIn addition, there is great opportunity for banks to win consumer support by packaging rewards programmes with personalised, customised banking products to meet customer needs.
This suggests that while the financial industry as a whole is successfully delivering digital access solutions, there are significant
opportunities to reset the foundation for consumer relationships.
In addition, the results indicate financial institutions can forge deeper relationships via the digital experience by integrating with consumers’ lives through insight-driven alerts, advisory services, planning tools and more.
Retail banking in the UK is dominated by the four main domestic High Street banks, plus a large global bank. These five hold 85% of the market share for current accounts. Those banks rate very highly amongst consumers, perhaps because they offer many different access points and quick responses. However, 30% of consumers reported themselves as self-sufficient money managers.
Despite such self-sufficiency amongst their consumers, UK banks fared well below average for the simplicity of the products they provide. With new market entrants offering accounts, lending and insurance at advantageous rates, this could be a challenge for the largest banks going forward.
As the report concludes, falling short of expectations in meeting many basic banking requirements represents an obstacle in building deeper, more relevant relationships.
