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Consumers Want a More Seamless and Personalized Customer Experience From Their Bank

 

May 10 - Cisco has announced the results of the Cisco Customer Experience Report focused on retail banking.  The global report examined consumers' desire for a banking experience that is more personalized to help simplify the management of their finances over multiple channels, including online, mobile phones, telephones, video conferencing and bank branches.  It also examined views about the privacy of their personal information and the value of financial management tools used in their daily lives.

Consumers globally identified the most important attributes when interacting with their financial institution or financial advisor as: availability (63%), competence (65%), and efficiency (68%). Consumers indicated a willingness to exchange more details about their financial habits and having banks be more active advisors in exchange for greater protection from identity theft (83%), increased savings (80% globally), personalized service (78%), and greater simplicity (56%) in managing their finances.  Only 54% of global consumers expressed a desire for automated systems to provide financial advice or recommendations, while 59% indicated that they would be comfortable with location-sensitive recommendations delivered to a mobile device.

The majority (71%) indicated being comfortable with the increasing use of virtual communications in addition to in-person financial conversations, with emerging economies slightly preferring on-demand access to expertise (48% globally over speaking with a particular individual which was favored in developed economies (52%). 

Overall, the report demonstrates consumer interest in more personalized, timely and valuable connections with banks; the type of connections made possible by what Cisco describes as the Internet of Everything (IoE). The Internet of Everything brings together people, process, data and things to make networked connections more relevant and valuable than ever before. Cisco recently released an Internet of Everything economic analysis that identified banking and insurance as industries positioned to capture as much as 9% of the $14.4 trillion in bottom-line value that will be created over the next decade by the Internet of Everything innovations.  

Highlights and Key Facts:

The global report, conducted in early 2013, includes responses from 1,514 consumers and 405 bank professionals across 10 countries.  The report studied the views of how and when consumers want to engage with their banks across multiple channels for activities ranging from account monitoring to acquiring financial advice. 

Majority (69%) of U.S. consumers' desire for more simplified personal financial services

Consumers' willingness to share private information with bankers

Majority of Global Consumers virtually connected to their bank

For more information about the Cisco research in retail banking, please visit Cisco Customer Experience Report website.


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