Banks not providing relevant, convenient services to customers: Cisco

Kolkata, Aug 27 (IANS) Tech firm Cisco on Thursday said Indian consumers have been adopting technology at a blazing rate but don’t feel their primary banks provide the relevant, convenient services they value the most.

The company said its findings came from a global study of more than 7,000 consumers in 12 countries which revealed a gap between digital consumer behaviour and bank delivery.

“Almost all the Indian respondents (97 percent) agreed that they would move their money to a different financial institution for personalized, Internet of Everything (IoE)-enhanced services such as mobile payments, branch recognition, virtual financial and mortgage advice, and automated financial advice,” the company said in a statement.

According to the findings, the data demonstrates a growing gap between what banks offer and what consumers demand – 46 percent of Indian consumers believe that their primary bank doesn’t understand their individual needs.

Almost three-quarters of the respondents (72 percent) indicated that they would open an account at a different bank that offered the specific branch recognition services they sought. And nearly a third (30 percent) revealed that they plan to shop for their next product or service at a different bank.

“It is clear that despite having customer and transactional data, banks have not leveraged it to its fullest potential,” it said.

The study indicated strong consumer interest in key IoE-enabled services that closely align with banks’ core strengths of physical branches, financial expertise and rich customer data; using digitization to leverage these will help banks transform themselves for next-gen customer services.

“Indian consumers have adopted technology and have made clear their demand for personalized digitized services. Banks who respond rapidly and deploy IoE-enabled mobility and automated payment, branch recognition and advisory services and use analytics to keep pace with their customers’ needs are the ones that will thrive in this highly competitive financial sector,” said Cisco India & SAARC’s vertical head, Banking & Financial Services Arindam Mukherjee.

The findings further said that 74 percent of respondents indicated that they would move at least a portion of their savings and investments to a financial services organisation offering an automated advisory platform while 61 percent of respondents would move money for a screen-to-screen advice service, either in the bank or on a personal mobile device. Eighty-four percent of customers would open an account to get access to mobile payment services.

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