Demand for online innovation rises in banking


Banks are not taking full advantage of their online
banking platforms, despite increasing customer engagement in the channel,
according to a survey by Cable&Wireless Worldwide.


Sixty percent of consumers say that online banking has
become the most valuable factor to engagement over the past two years, ranking
it higher in value than banks’ trustworthiness and even their return on their
money in the bank.


Cable&Wireless Worldwide has
long-term relationships with most of the world’s leading banks and in the UK
provides communication solutions to eight out of 10 of the leading retail
banks. This includes integrated social media and online channels with banks
contact centre and branch environments, and also connectivity to over 70 percent
of contact centre agents with their customers and 4,000 UK ATMs.


The research also finds that online channels typically deliver only functional banking
services, but that around half of customers want banks to incorporate social
and human aspects of customer service – such as more personalised customer
service and tailored advice – into online banking.


Furthermore, banks use of new technologies such as mobile
technology, social networking and video conferencing has untapped opportunity
into their customer contact. Customers are not using these newer communications
channels for buying products, but rather as channels for gleaning advice and
information. Only 1 percent of consumers, who have sought advice from banks in
the last month, have done so through video conferencing. Mobile phone
applications (1 percent) and social networking (1 percent) are of similarly low


Consumers increasingly prefer remote interaction, but
also want good customer service, greater trustworthiness and a fair level of
engagement with the banks. These findings suggest that financial institutions
have an opportunity to better meet customer preferences by investing in the
right online innovation,” said Michele Metcalfe, director of Banking &
Financial Services at Cable&Wireless Worldwide.


By Team
[email protected]