Financial consumer survey

Financial consumer demands for tomorrow’s digital bank 

Banks today are challenged to remain at the heart of consumer financial services delivery. While consumers view their bank as a trusted place to store, move and protect their money—the bedrock business of banking—there are many value-add services that they want and are not currently receiving. This is gap is driving significant opportunities for innovation, competitive advantage and profitable growth.

These are just some of the key findings of CGI’s 2015 survey, Financial Consumer Demands for Tomorrow's Digital Bank. We surveyed 1,452 financial consumers across the U.S., Canada, four European countries (the UK, France, Germany and Sweden) and Australia to explore their banking preferences and views on future banking models. The survey was conducted by Research Now, one of the world’s leading digital data collection firms.

Top desired services identified by consumers in the survey include identity and data protection, rewards, wealth building, personalization, and cash management. In addition, online banking has become the most preferred service channel, regardless of age, income, location or bank type, and evolving consumer expectations are driving the need for digital transformation.

Other key survey findings include:

  • Security: Protection is the top desired service, as consumers become more aware of increasing fraud in the digital world; 1 in 4 consumers would pay a premium for more identity and data protection
  • Rewards: Reward programs are in high demand, with 70% of consumers saying rewards are important, and only 7% saying they are unimportant.
  • Wealth building: 1 in 3 consumers would pay a premium for wealth building services
  • Personalization: Only 10% of respondents believe it is not important to be known by their bank, and nearly 1 in 5 (19%) are willing to pay for their bank to know them better
  • Cash management: Around-the-clock, omni-channel account access is the cash management service most demanded by consumers across all countries, ages, incomes and bank types (65%), together with real-time balances
  • Consumer data: Over 80% of consumers are open to banks using their basic information for improved services or products
  • Channel preference: Online is the preferred channel choice for consumers, regardless of age, income, location or bank type, with only 10% of consumers not using their banks online service “unless they have to.”
  • Future banking models: Respondents predict a highly digital banking environment in the future with all banking done digitally (37%), through smartphones (36%), or, alternatively, using fingerprint recognition technology (30%).
  • Openess to new players: There’s an openness to new players, with 57% of respondents saying they would trust PayPal for protection services and 46% indicating  they trust online investment sites for wealth building services.

As consumers pursue value-add services and new digital banking alternatives, leading banks are responding to maintain and expand their market share.

“Tomorrow’s digital bank will need to continue to build on the bedrock business of financial storage, payments and protection while also becoming a full-fledge financial well-being services provider. Leading banks are focused on delivering a highly convenient, secure and trusted digital experience that will differentiate them not only from other banks but from new market entrants as well. They are also embracing the concept of “my digital best friend” from industries like retail and communications and combining it with smartphone and face-to-face support to deliver what financial consumers are expecting today and in the future.”

Penny Hembrow, Global Lead, Financial Services, CGI

In addition to findings and analysis, CGI’s survey report includes recommendations for responding to evolving customer expectations and building the bank of the future. If you are interested in discussing the survey with one of our banking experts, contact us at banking.solutions@cgi.com.