According to a study from Cisco entitled “Reimagining the Digital Bank,” 43% of consumers believe their bank does not know them, and consequently cannot deliver personalized service. In addition, 31% believe that their bank is not helping them reach their primary financial goals and 1 in 5 respondents said they will switch financial institutions for personalizedInternet of Everything (IoE) enabled services.
Broken down by demographic segments, younger consumers are more likely to believe their financial institutions doesn’t know their needs, while older demographic segments are more likely to feel their bank is not helping them meet their financial goals. The result a belief that an alternative provider may serve them better across all demographic segments.
On a more positive note, the research found that financial institutions have an enormous opportunity for growth if they can become just as digitized as their customers … in the branch and through online and mobile channels. The research findings indicate that it isn’t only Millennials and Generation Y that respond positively to technology innovations, but that consumers from all age groups have a desire for technology that opens the opportunity for personalized anytime, anywhere service in their banking relationships.