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How the 'Internet of Everything' Impacts Financial Services

The global report examined consumers' desire for a banking experience that is more personalized

What does today's retail banking customer expect from a financial institution, and how can business technology be applied to enhance the overall experience. The latest results from the Cisco Customer Experience Report focused on the retail banking sector.

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%).

Survey respondents 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 market study findings demonstrate 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 these innovations.

Global Market Study Highlights and Key Facts

The global study, conducted in early 2013, includes responses from 1,514 consumers and 405 bank professionals across 10 countries. The resulting 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

Personalized services Consumers want from their bank: 77% indicated a desire for more identity theft security, 73% wanted advice to increase their savings, 67% requested more financial education, and 47% wanted an assessment of their financial status as compared to other clients. Interestingly, bank managers thought consumers' desire for these services would be roughly 20% higher when surveyed.

Banks' ability to deliver personal financial services: Only 46% of U.S. consumers feel their bank has enough information to offer them personal services, while 58% of U.S. bankers feel they have enough personal information on their customers.

Majority of Global Consumers Virtually Connected to Their Bank

  • Willingness for virtual meetings: 63% of U.S. consumers are comfortable communicating with their financial provider using business technology (such as texting, email or video) instead of seeing them in person. Globally 7 in 10 consumers and 92% of bankers are comfortable communicating using virtual technology.
  • Even mortgages and loans could be managed virtually: Almost half of consumers in U.S. (48%) would be comfortable entirely securing a loan or mortgage using technology like video to communicate with their bank.
  • Computers preferred to smartphones for video: Only 21% of U.S. consumers would favor a smartphone for video conversations with bankers, with most (79%) preferring laptop or desktop computer.
  • Physical presence is still important especially to capture new customers: 46% of U.S. consumers would open an account with a bank that is completely virtual if it offered the best and more secure services – with French consumers least likely to meet virtually with only 44% and Chinese consumers are most likely at 91%.

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

Read the original blog entry...

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David H. Deans is the Managing Director at the GeoActive Group. He has more than 25 years of experience in the Technology, Media and Telecom sectors.

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