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Banks’ digital tech savvy rated high, but …

… banks fall short in pricing and relationships, consumer survey shows

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  • Written by  Website Staff
Banks’ digital tech savvy rated high, but …

According to consumers worldwide, financial institutions excel at leveraging digital technology to meet convenience, choice, and access needs of customers, but banks have permission to do more to become trusted advisors and move the banking relationship beyond transactional convenience to the center of consumers’ living experience.

That was one key finding of a new research study released by FIS.

The company’s research tracks how financial institutions are performing against customer expectations in nine different countries: the United States, United Kingdom, Brazil, Canada, France, Germany, India, Netherlands, and Thailand, using data compiled from more than 9,000 banking customers. Commissioned by FIS, the study was conducted by TNS, an independent research agency.

On a scale of 100, the United States rated an 80, second only to Germany which scored an 83, and above the United Kingdom, which scored a 79.

Opportunity to improve further

While some of the results show the industry meeting or exceeding customer expectations—banks exceed expectations when it comes to convenience and connectivity, for instance—many of the responses were striking for the opportunities they present for financial institutions, especially as the trust factor continues to be a concern for consumers.

For example, 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. In addition, the study concludes there is great opportunity for banks to win consumer support by packaging rewards programs with personalized, customized 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 fully leveraging online, mobile, and social platforms to integrate with consumers’ lives through insight-driven alerts, advisory services, planning tools and more.

“New providers and nontraditional financial institutions continue to make inroads, particularly among younger generations, who studies show will soon make up the majority of bank revenues,” says Jonathan Davis, managing director, FIS. “With these challengers poised to grab customers, financial institutions have the opportunity to lead with their strengths and redefine advisory services. Consumers value the banking relationship and banks have a significant opportunity to be viewed as more than a vehicle for transactional convenience, but rather a true focal point of consumers’ financial lives.”

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