In the face of a digital wave increasingly affecting consumers’ lifestyles, the hiatus between consumers’ demand and their bank’s delivery is widening, finds a survey by Cisco.
Out of the 603 US consumers surveyed, 41% from the Generation X segment and 36% of Boomers said that their bank does not understand their needs, while 43% held the view that their bank does not know them and offer tailored service.
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Among the survey’s respondents, 65% of all US respondents across all customer segments have opined that they would prefer switching to a different financial institution for personalized Internet of Everything (IoE)-enabled services, such as mobile payments, branch recognition, smartwatches, real-time videoconferencing, and automated financial advice gained from analytics.
A significant finding of the survey is that consumers from all age groups have voiced their demand for technology and personalized anytime, anywhere banking service.
Fifty-three percent of the survey’s respondents prioritized remote advice delivery outside of the branch, and 73% stressed on the need for adoption of one or more analytics-based banking tools and apps to gain better insights on customers’ preferences.
The respondents of the survey also prioritized on integration of physical and virtual channels to offer services on-demand.
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By GlobalDataAccording to economic analysis from Cisco Consulting Services, altering the customer-relationship model in the branch and other digital channels could lead to a rise in bottom-line of ~5.6% for a typical financial services firm.
However, with focus on digital banking service, the biggest concern for consumers was addressing security issues.
