Consumers want banks to deliver financial advice and banking services through both virtual and physical channels. But despite the popularity of virtual banking, global consumers still value the personal attention of bank branches and expanded services that include different kinds of financial advice.
These are the key findings of the recent Cisco IBSG Omnichannel Banking Study of 5,300 consumers in five developed countries (Canada, France, Germany, U.S. and U.K.) and three emerging countries (Brazil, China and Mexico).
According to the study, financial service consumers are willing to use virtual environments even more to access their banks—especially the Internet, cited by 78% of consumers in developed markets and 72% of consumers in emerging markets as the preferred channel for accessing bank services.
The study also shows that people in emerging markets are leading the way in embracing new banking technologies. Mobile banking, for example, is the preferred channel for 13% of consumers in developed markets, while 18% in emerging markets prefer it.
When it comes to social networks, only 1% of consumers in developed markets and 8% in emerging markets preferred using social media for conducting banking transactions.
The disparity is more clear when it comes to video conferencing technology: 23% of consumers in developed markets and 43% of consumers in emerging markets saw video conferencing as a way to enhance the quality of financial advice.
Even with the interest in these new channels, people don’t want to give up their traditional bank branches, but customers want a new kind of branch, one with customized offers, financial advisors, specialists and advanced technology. Overall, consumers want to use all the options available to them across physical and virtual channels.
Among global findings and insights, Cisco noted:
1. The old branch is dead; long live the omnichannel branch.
2. Mobile: there is promise in embedded banking in consumers’ lives.
3. Social: the potential is here—when will banks be ready?
4. Video: seeing is believing.