Banking / Finance

Digital transformation in Banking starts with consumer needs

12th Aug `14, 03:21 PM in Banking / Finance

The confluence of the financial crisis of 2008 and the rapid adoption of technology that puts increasing power…

BDMS
Guest Contributor
 

The confluence of the financial crisis of 2008 and the rapid adoption of technology that puts increasing power in the hands of every consumer has resulted in higher demands being placed on financial providers. Today’s consumer expects their bank and credit union to know who they are and how they transact. They also want services built around their spending and wealth-building desires and want to be rewarded for their business.

A study by CGI entitled, Understanding Financial Consumers in the Digital Era sheds some light on the desires of today’s digital consumer. Interestingly, at a time when financial institutions seem to be in lock step with each other, consumers are raising the bar on expectations. And, according to the study by CGI, they are willing to leave where they currently bank if their needs are not met.

Top Five Wants of Today’s Financial Consumer

Despite the ability to be independent and self-directed with regards to financial interactions, the study found that consumers want their bank and credit union to be an integrated part of their daily lives. The five top consumer desires were the following:

  1. Reward Me for my business (81%)
  2. Simplify My Life by providing “anytime, anyplace” access to my balance (61%)
  3. Know Me as a person (58%)
  4. Look Out For Me by providing me with wealth-building advice (55%)
  5. Anticipate My Needs by telling me what I am spending money on and how I can save (52%)
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