Financial Institutions Should Aim for More Personalized Service, Study Says

The majority of consumers are more willing to share personal information with their financial institutions in exchange for more personalized services, according to a new study by Cisco.

The results from the study predict the future of retail banking, which will ultimately be identified by the degree of personalized services offered.

«It might begin with providing a greater degree of control to consumers. We will also see consumers thinking about interacting versus transacting with banks through virtual channels,» said Al Slamecka, the Financial Services marketing manager for Cisco.
The study revealed substantial quantitative data supporting this new trend. The study addressed what consumers want most from their financial institution: availability, competence, and efficiency. Willingness to provide personal information in exchange for better protection against identity theft, increased savings, and more simplicity in managing finances were also topics researched in the study.

Cisco also reported that 71 percent of consumers are comfortable with the idea of investing more time in virtual communications with their financial institution. Although most data supports current market trends for increased digital services and virtual banking, a majority of consumers feel their financial institutions would not know what type of personalized services to offer.

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