Consumer Survey 2018 - CGI.com

and the Demand for Value-Added Change

Today’s Financial Consumer

For the fifth consecutive year, CGI surveyed consumers in parts of Asia, Europe and North America to learn their perspectives and requirements with respect to a wide range of topical banking issues.

INTRODUCTION

CGI’s 2018 Global Financial Consumer Survey

10countries

2,507respondents

63%globally say their high street bank is their main financial provider

63%82%globally say they embrace new technology

82%

Australia8%

Canada17%

Finland9%

France8%

Germany8%

Singapore8%Spain9%

Sweden9%

U.S.16%

UK8%

Percentage ofResponses by

Country

Age 18-3433%

Age 35-5037%

Over 5030%

Percentage ofResponses

by Age

Today’s Financial Consumer and the Demand for Value-Added Change

1

EXECUTIVE SUMMARY

CGI’s 2018 Global Financial Consumer Survey builds on our previous four years of research on consumer preferences in financial services, as well as their satisfaction with and acceptance of alternatives from innovative FinTechs and other non-bank providers. As in previous years, there remain a number of unmet demands in the marketplace, as well an increasingly latent interest in switching financial institutions to obtain better service. Although satisfaction remains high in a number of key areas, significant gaps remain.

Consumers clearly want banks to continue developing channels that provide the greatest flexibility and ease of use in terms of accessing services and information. At the same time, they are interested in payment types that could have a negative effect on bank revenue because of the relative lack of fees banks can collect for these payment types.

Consumers also continue to search for value-added services and remain less than satisfied with the rewards they receive for their patronage. Part of the issue is that the most common reward—discounts—relates to spending at a time when there is an increased interest in savings and wealth creation. Although respondents believe technology can improve their relationship with the bank—especially in the area of money management—the key question is who pays for services? Will consumers expect banks to provide services free of cost? Alternatively, have we reached a point where consumers, like corporates, will pay for value-added services, creating the opportunity to trade payment revenue for service revenue?

Progress in artificial intelligence and open banking can make it easier—and more cost-effective—to deliver these types of services and continue to grow the customer relationship. This progress presents banks with a golden opportunity, if they can move beyond old paradigms of rewards that are tied to patronage rather than outcomes. However, an essential question cuts to the core of banking in general. Are banks, especially those comfortable with their position in the middle of the pack, able to take advantage of these technologies, or will they cede the opportunity to non-banks and challengers?

This e-book, “Today’s Financial Consumer and the Demand for Value-Added Change,” provides a summary of the key results and takeaways from CGI’s 2018 Global Financial Consumer Survey. At CGI, we constantly research the market to understand the challenges our clients face so that we can bring the right ideas, innovations and solutions to help them stay ahead of the competition.

2

Many of the themes addressed in this survey fall into one or more of the following three categories: artificial intelligence (AI), payments and open banking, as discussed in the table below.

• Personalize and accelerate service to build loyalty and improve the customer experience

• Spot “next best action” opportunities for the consumer

• Build services to reduce the cost of using cash

• Develop overlay services that can drive long-term revenue

• Develop services that appear to be highly customized but are, in fact, driven by identified customer needs and preferences

Many banks are only just beginning to build their AI capabilities and lack partners to help them succeed.

Banks rely on payment revenue, especially in the cards market, so any move away from cards may have revenue implications.

A lack of standards is hindering API adoption outside of the top banking institutions.

AI can automate analysis and the completion of mundane tasks to provide valuable insights at scale.

Consumer interest in digital and mobile payments can help reduce transaction costs by opening the door to more cost-effective payment types.

Open banking gives banks the ability to deliver new services quickly and cost-effectively.

Benefits

Challenges

Opportunities

AI Payments Open banking


32

CONTENTS

INTRODUCTION

EXECUTIVE SUMMARY

FINANCIAL PROVIDER PERCEPTIONS

FINANCIAL PROVIDER INTERACTIONS

INNOVATION AND CAPABILITIES

RELATIONSHIPS AND ARTIFICIAL INTELLIGENCE

PAYMENTS

RECOMMENDATIONS FOR BANKS

ABOUT CGI

00

01

05

11

14

17

23

29

30


4

54

FINANCIAL PROVIDER PERCEPTIONS

Although consumers are happy in general, traditional rewards are not rewarding enough, indicating that they are a bit confused in terms of what they want from their financial institutions. On the one hand, they want to continue receiving the free rewards that come along with being a customer, even when those rewards encourage them to spend money and possibly incur debt. On the other hand, consumers also want advice on how to control their spending, reduce debt and increase wealth. This paradox indicates that the short-term adrenaline rush from receiving rewards results in a long-term crash once the bill arrives. It also implies that a long-term focus on reduced spending and faster debt reduction can create greater satisfaction and customer loyalty, and that banks may wish to realign their incentives with advice on building healthy financial habits, whether through gamification or through heightened financial wellness and education.

This situation creates an interesting challenge for retail banks. Should they spend less effort on providing expected rewards and shift towards providing advice via personal financial management (PFM) tools? If they provide the advice free of cost, will consumers value it, or will they take it for granted the way they do rewards? Further, if the banks don’t act, will online banks and FinTechs fill the void?

Observations• Services consumers prefer the most remain the same as last year. The top four preferred services were the same across all

age groups. However, in terms of the fifth preferred service, consumers over 40 want banks to see them as a person, while those under 40 prefer banks to tell them what they are spending their money on and how they could save money. For the over 40s, could this fifth preference indicate a perceived lessening of the personal contact they once enjoyed?

• Most consumers remain happy with the level of service they receive from their provider. However, while consumers continue to demand rewards, they are not happy with the type of rewards provided by their bank, especially in Sweden (59%) and France (55%). Would customer loyalty improve if banks provided consumers with more and/or better rewards? Banks should consider this; are unhappy customers switching providers based on rewards?

• Consumers want more advice on money management and wealth creation, and they are prepared to switch providers to get it. Further, they see this as a service providers should deliver free of cost.

• Finally, like last year, consumers remain happy with the level of security their bank provides for their data and money, along with their bank’s payment efficiency.


6

Top 5 services main financial provider could provide to help manage your day-to-day and future lifestyle

Protect your money and personal data

Reward you for your business

Process your payments instantaneously and give you 24-hour access to your money

Offer you relevant financial products

See you as a person

2018

201772%

77%

55%

63%

53%

57%

43%45%

39% 40%

Protecting money and personal data is the top expectation of consumers worldwide. Although CGI expects protection to be the leading driver for the foreseeable future, leading banks realize that other topics like meaningful rewards, speedy payment processing, and relevant financial products, are the gateway to differentiation that can provide long term competitive advantage.

76

How satisfied are you with the level of service you receive today from your main financial provider?

Protect your money and personal data

Reward you for your business

Process your payments instantaneously and provide 24-hour access to your money

Offer you relevant financial products

See you as a person

Provide advice on building wealth based on your plans and goals

Tell you what you are spending your money on and how you can save money

Give you access to independent experts when you need them

Tell you how to pay off loans more quickly

Help you manage the peaks and troughs of your spending through the month or year

Top service Satisfaction level72%

55% 53%

69%

43%

59%

39%

62%

32%

52%

30%

53%

29%

53%

25%

46%

24%

54%

74%

35%

This is the only top service where consumers have a lower satisfaction rate


8

Services clients would switch main providers for






2018 2017

59%

48%

59%

49%

58%

51%

58%

47%

54%50%

Top 5 global results The trend here is clear. More than half of consumers want to manage their money better, whether they are spending it or saving it. Further, interest in advice on how to improve spending habits has increased by an average of more than 10 percentage points over last year. The question is what are consumers willing to do to obtain services to help them manage money and build wealth?

98

Services clients are likely to pay a premium for

47%

32%

42%

28%

41%

30%26%

40%

25%

39%






2018 2017

Top 5 global results

Reg

iona

l / a

ge

41%

in Swedenwould not, but

in U.S. would

of over 40swould not, but

at 40 andunder, would

43%

48% 25%

of over 40s would not, but

at 40 and under, would

in Swedenwould not, but

in UK would

47%

37%

in Europewould not, but

in North America would

31%

32%

57%

49%

Just as consumer interest in bank services has increased, so too has consumer willingness to pay for services. Overall, willingness to pay for services increased by an average of more than 13 percentage points over last year. What is even more remarkable is that this spike represents a nearly 45% increase overall when compared to last year. This indicates a viable—and sustainable—new revenue opportunity that banks should consider, possibly as part of a larger personal financial management offering. Given that the analytical capabilities needed to provide these services often reside outside of banks, this may be an opportunity either for non-banks to penetrate the market directly or via partnerships with financial institutions.


10

How much do you agree with the following statements about your current financial provider?

ObservationsConsumers were asked to rank 17 options about their main financial provider. For the last three years the top three rankings and the bottom three rankings have been the same.

It keeps my money safe

It makes my payments quickly and efficiently

It safeguards me against fraud and protects my personal data

It helps me to build wealth

It rewards me for my business

2018 2017 2016

72% 72% 73% 72%69%

75%

70%67%

70%

43%

33%38% 39%

30%33%

It gives me discounts on what I purchase

35%

25%

33%

Global

1110

FINANCIAL PROVIDER INTERACTIONS

Online is the preferred medium; but, cash is still king

In terms of consumer interaction with financial providers, survey findings reveal interesting consumer perceptions and preferences. While consumers perceive that online banking is secure overall and think banks should continue to invest in this area, they want to interact securely online on their own schedule. This motivates banks, in response, to provide customers with online self-service anytime, anywhere and at a reasonable cost.

The survey finding that cash is the most preferred payment type among consumers is an expected outcome, given that cash is the most common payment type at the point of sale. However, consumer belief that cash is the most secure payment type is problematic. Cash, by definition, is the least secure payment type because it acts as a bearer instrument, i.e., as long as it’s in your possession, it’s effectively yours. Conversely, if it’s not in your possession, it’s not yours. Likewise, cash is a near-universal payment type, so it’s readily accepted in most cases, except, of course, for online transactions. Both attributes make cash the least secure payment type.

So, why do consumers prefer cash the most? The answer is in the top two responses regarding which payment types consumers want banks to improve—electronic bank transfer and mobile. For many person-to-person payments (including payments to your babysitter or local repair person), a card payment is impractical and checks are out of the question, making cash the preferred medium of exchange. However, if banks made it easier to make payments via electronic bank transfer or mobile, that would be a game changer, accelerating the move to real-time payments in some markets and expediting the push towards a cashless society. This also opens the door for companies that could facilitate these types of payments, regardless of whether or not they are banks.

Observations• Consumers rank online banking as the most useful channel globally, as well as the most

secure. Despite this preference, there is a consensus across all geographies and ages that banks should further invest in and improve online banking. When comparing countries, France, Singapore and Spain are the only countries where consumers say physical branches are the most secure channel.

• In terms of age, 40 and unders perceive online banking to be more secure than physical branches by 15%, while over 40s trust physical branches over online banking by 14%.

• Globally, consumers cite cash as the most useful and secure payment type, as well as the payment type that banks should invest in improving the most. Regionally, consumers in six countries also cite cash as the top investment area. However, in Singapore, consumers point to contactless payments, while consumers in Finland, Spain and Sweden cite mobile payments.

72%would change to another payment method through their main provider, if it were cheaper to use than their debit/credit cards


12

Consumer channel preferences

52% 45%

44%

3%

6%

1%

1%

11%

20%

7%

5%

5%

Channel consumers prefer the most

Channel banks should improve the most

Channel viewed as most secure by consumers

1 Online banking

2 Mobile apps provided by main financial provider

3 Physical branches

4 Telephone banking

5 Mobile apps provided by company other than main financial provider

6 Wearable technology such as a Fitbit or smart watch

7 Intelligent voice activated technology such as Amazon Alexa or Google Home

* This option was not given in this question

1312

Consumer payment type preferences

Payment type most preferred by consumers

Payment type banksshould improve the most

Payment type viewed asmost secure by consumers

Cash

Debit card

Credit card

Electronic banktransfer

Contactlesspayment

Mobile payment

Check

Digital currency(e.g., Bitcoin)

1

2

2

4

5

6

7

8

4

5

6

1

3

2

8

7

1

5

4

3

6

8

7

2

(Tie)

(Tie)


14

Keeping up with digital innovation

Innovation is a challenge for many banks. Move too quickly, and you can serve a need that is not yet fully developed. Move too slowly, and the opportunity can pass by.

The good news is that consumers believe that their banks are keeping pace with the rapid pace of change in terms of innovation and payments. The pressure is on for banks to keep up the good work for the long term while making customers feel that they remain safe places to keep money. One of the areas where innovation can pay long-term dividends for banks is in the area of artificial intelligence. Banks have a significant opportunity to turn the data they already have into meaningful insight that can be used to improve the customer experience.

INNOVATION AND CAPABILITIES

62%believe their main financial provider has the necessary technology capabilities to deliver state-of-the-art mobile apps

60%say their digital experience is crucial to how they view their banks

38%think banks are becoming riskier places to keep their money

64%believe banks are keeping up with digital innovation

60%agree that their main financial provider gives them the best payment capabilities and options

62%

60%

38%

64%

60%

1514

Observations• With respect to new technology and the modernization of current services, the majority of consumers believe that

banks are keeping up with digital innovation (64%) and have the right technology to deliver state-of-the-art finance apps (62%).

• Two thirds of consumers believe that their bank is offering them good payments capabilities (60%).

• These results show a healthy confidence in providers, but consumers also are clear that their digital experience is key to how they view their banks (60%). Perhaps more concerning for banks is the fact that more than one in three of consumers feel that their banks are becoming riskier places to keep money.


16

1716

RELATIONSHIPS AND ARTIFICIAL INTELLIGENCE

Improving customer relationships; but, at what cost?

Relationships are the lifeblood of any institution, and leading banks are always looking to improve the relationships they have with their customers. It’s an outright necessity when driving growth and retention. The question is how will they make these improvements? Will they partner with third parties? Will they leverage AI? Maybe they will do both? What impact will this have on banks looking to provide personal services to their customers?

The reality is that we have been using various forms of AI and automation for some time to do such mundane things as identify fraud and personalize offers. This technology can be used to easily provide insight on a consumer’s spend throughout the year, as well as provide relationship managers with valuable information in giving advice on more complex needs like wealth-building during in-person meetings. Banks also have been using third parties, including FinTechs, to gain capabilities that can help them offer consumers better services.

Despite the preference for human interaction for complex services like providing advice on a loan or mortgage or ordering a new card, the reality is that AI and non-bank partners are integral to helping banks achieve the reach and scale they need to service customers effectively. Although customer information must always be safeguarded, appropriate information sharing with key partners and technologies can help improve and extend customer relationships by providing relationship managers with insights they would otherwise lack.

Observations• Regarding the five questions on AI: Although all the “agree” responses were up 7-9% over last year, there is still a high

percentage that disagrees, which is seen across most countries. Only the U.S. and UK seem to be strongly on the side of using AI.

• Consumers still expect banks to improve services over the next two to three years, with security and online banking as the most desired areas for improvement.

• Around 50% of consumers agree a non-bank or AI could deliver bank services. However, consumers are not in favor of AI-delivered security services.


18

Consumers in all countries/regions expect their main financial provider to improve the following services in the next 2-3 years

52%51%50%52%

50%50% 51%52%49% 50%

53%54%

47%

53%53%

Online banking

Security or fraud issue resolution

ID verification

Quick account/ payment queries

Mobile banking app

New card request

Standing order or direct debit setup

Tailored advice for building and managing wealth

Payments to another person or company

Advice on financial products (mortgages/ loans)

Consumers seeing a positive impact if these services are improved

Consumers open to a non-bank provider delivering these services

Consumers open to a non-human agent (AI) delivering these services

72%

49%49%

72%

51%

39%

63%

50%47%

61%

49%50%

59%

50%

54% 56%

49%53% 54%

50%49%

Spending management support

Personalized deals for non-financial products/services, tailored to personal shopping habits and behaviour

1918

Best channels for delivering these services

Quick account/payment queries

Advice on financial products (mortgages/loans)

Security or fraud issue resolution

Tailored advice for building and managing wealth

Spending management support

Payments to another person or company

Standing order or direct debit setup

New card request

ID verification

Mobile banking app

Online banking

Personalized deals for non-financial products/services, tailored to personal shopping habits and behavior

Real person at acall center/branch

Real person via anonscreen messenger

Artificial intelligentagent such as Siri

Self-serviceonline/mobile

Not sure

22%

16%

40%

7%

15%44%

13%

15%

21%

7%5%

33%

14%

17%

31%

11%

15%

22%

7%

45%18%

21%

34%

7%

20%

5%

22%

18%

20%

35%

17%

13%

18%

46%

6%

11%

8%

18%

57%

6%

14%

18%

45%

7%

16%

16%

20%

36%

7%

21%

11%

16%

27%

7%

39%

5%

17%

34%

15%

29%


20

There has been much talk recently about the role of AI in modern day life. What do consumers think about it?

The increased availability of customer data via open banking creates a tremendous opportunity to improve customer outcomes via AI. However, it’s clear that there is still a good deal of customer ambivalence towards this technology. Although customers are increasingly open to their financial providers using AI to speed up transactions and personalize interactions to strengthen the relationship, they are still largely against allowing third parties to do the same. The silver lining here is that consumers are more open to working with third parties than they were just a year ago, implying that banks may have a narrow window in which to take advantage of this technology.

64%Prefer talking to a real person for complex issues

63%Prefer talking to a

non-human agent because the process is quicker

I’m open to my main financial provider using AI agents to speed up my interaction with it

I’m open to my main financial provider using AI agents to personalize my interaction with it

Agree

Disagree

40%

30%

2018

Agree

Disagree

37%

34%

2017

Agree

Disagree

40%

31%

2018

Agree

Disagree

31%

40%

2017

2120

I’m open to my main financial provider using AI agents to understand me better and strengthen our relationship

I’m happy to allow parties other than my financial provider to directly access my accounts ( i.e., automatic payments) and to take funds when required (e.g., when using a mobile app to pay for a taxi or purchase something)

Agree

Disagree

40%

32%

2018

Agree

Disagree

33%

37%

2017

Agree

Disagree

32%

47%

2018

Agree

Disagree

25%

48%

2017

Agree

Disagree

28%

53%

2018

Agree

Disagree

21%

53%

2017I’m happy for third-party providers to have direct access to my account information to provide me with products and services


22

Agree or disagree?

27%

2017

59%

2017

58%

2017

39%

2017

61%65%

25%27%

10% 12%

58%58%

28% 29%

14% 13%

34%

26%

27%

40%46%

65%

23%26%

12% 15%

31%

21%

48%

67%

13%

10%

44%

30%30%

26% 31%

60%

27%27%

13% 15%

62%

It is important to me that my main financial provider knows who I am and understands me

It is important to me that I have a long-term relationship with my main financial provider

I am happy to share all of my online financial activity with my bank so they can better understand me

It is important to me that my financial provider understands where I am in my life journey so that it can advise me (home purchase, new baby, retirement, etc.)

Banks today have lost a personal connection with their customers

AI agents could provide a personal-like connection

Banking is too important to give away control to AI agents

I prefer talking to an anonymous non-human agent (i.e., using AI) rather than a human regarding confidential matters (e.g., investments, credit scoring, etc.)

I trust my bank to use my person data ethically

65%

26% 27%

9%

2018 2017 2018 2018 2018 2018 2018 2018 2018 20182017 2017

AgreeNeutralDisagree

* *

* This statement was not included in previous year

11%

2322

PAYMENTS

Consumers are largely happy with their banks and trust them to make payments on their behalf securely. They want to see their payments information in real time and choose which account makes the payment—reasonable desires given the number of payment methods available to consumers today. Other top desires include consistent payment processes, the opportunity to use reward points to make purchases, and alternative payment types that are less expensive than credit or debit.

These desires will likely shift slightly over time as consumers look to make mobile payments more easily and use biometric information like thumbprints for verification. The question is who will provide these services?

For the next 2-3 years, consumers believe their main financial provider is in the best position to provide these types of vital services, which is great news for the banks. That said, it is important to note that the retail banking market will become increasingly competitive, especially as new payment methods emerge. Consumers will expect their banks to protect them regardless of the payment type they use.

88%

68%

Consistent payment processes, regardless of where/how I make payments (online, in person, in a different country)

83%77%

Ability to see my account balance and payment activity in real time

88%

65%

Alternative payment methods, if cheaper than credit or debit cards

77%71%

Option to select which account (credit or current) to pay from when making the payment

84%

39%

Option to use third party companies/apps to make payments on my instruction

79%

60%

Insight into how my payments and money are used or invested

79%

41%

Options to have my payment activity support charitable or local organizations

76%

65%

Integrate my loyalty/rewards and let me redeem rewards while making a purchase

75%79%

Ability to have increased security across my payments activity

32%

Ability to pay bills using sites such as Facebook or Google

73%

48%

Options to pay for items using my thumbprint

79%

54%

Easier ways to pay people/shops with my mobile

85%

Consumers expect these offerings to be available in next 2-3 yearsOfferings most valuable to consumers


24

2524

Easier ways to pay people/ shops with my mobile

7%3%

8%

5%

11%

9%

57%

9%

5%4%

7%

8%

64%

3%

Integrate my loyalty/rewards and let me redeem rewards while making a purchase

Consistent payment processes, regardless of where/how I make payments (online, in person, in a different country)

7%

6%4%6%

7%

68%

2%

Option to select which account (credit or current) to pay from when making the payment

6%

4%3%6%

8%

71%

2%

5%

Alternative payment methods, if cheaper than credit or debit cards

Insight into how my payments and money are used or invested

7%

5%3%

6%

8%

69%

2%

Ability to have increased security across my payment activity

Ability to see my account balance and payment activity in real time

11%

6%

7%

14%

13%

43%

6%

Ability to pay bills using sites such as Facebook or Google

5%

8%

5%

6%

9%

10%

57%

5%

Options to have my payment activity support charitable or local organizations

My main financialprovider

Another financialprovider

Leading tech company(Apple/ Google)

Market-leading app provider(Uber/ WhatsApp)

Alternative paymentsprovider (PayPal)

Leading digital business(Amazon, Facebook)

Not sure

Option to use third-party companies/apps to make payments on my instruction

7%

8%

8%

13%

13%

47%

4%

6%

4%3%4%

6%

75%

2%

Options to pay for items using my thumbprint

8%3%

6%

6%

11%

10%

56%

6%

4%3%6%

6%

73%

2% 8%

10%

8%

10%

59%

3%

2%

Which of these providers would you prefer to best deliver these services?


26

Which provider do you think is best placed to deliver these services?

All results came back with main financial provider as best positioned to deliver

Ability to see my account balance and payment activity in real time 74%Ability to have increased security across my payment activity 73%Option to select which account (credit or current) to pay from when making the payment 71%Insight into how my payments and money are being used or invested 69%Consistent payment processes, regardless of where/how I make payments (online, in person, in a different country) 68%Integrate my loyalty/rewards and let me redeem rewards while making a purchase 64%Alternative payment methods, if cheaper than credit or debit cards 59%Easier ways to pay people/shops with my mobile 57%Options to have my payment activity support charitable or local organizations 57%Options to pay for items using my thumbprint 56%Ability to pay bills using sites such as Facebook or Google 54%Option to use third-party companies/apps to make payments on my instruction 47%

Ranked by how much they are trusted

My main financial provider 77%

Alternative payments provider (e.g., PayPal) 61%Mobile payment app providers (e.g., Samsung Pay) 40%Leading digital business (e.g., Amazon, Facebook) 38%App providers for goods and services (e.g., taxis, groceries, cinema, etc.) 36%Finance management apps (e.g., pass wallet/e-wallet) 35%Leading technology company (e.g., Apple/Google) 30%

Main financial providers are the most trusted suppliers of secure payments functionality. Banks currently have the advantage on this topic, and need to preserve this advantage lest they become interchangeable with alternative providers.

2726

How much do you trust these companies to deliver your payments securely?

I trust my main financial provider to use my money wisely

I would rather have one mobile payments account that I could use when purchasing items or paying people, rather than having multiple mobile payment accounts for all of my various bank accounts

I am happy for an app or online service to use one bank account, assigned during setup, for all future payments or transactions it may make when I’m using it

As long as I have access to my money when I need it, I do not mind where it is kept

Thinking of the future, I would be happy for smart objects to automatically order and pay for items when required (e.g., printer that orders new ink or refrigerator that orders more milk)

Digital money should replace all cash and coins

Speed of payment to me is more important than security

66%

65%

61%

49%

44%

41%

34%

32%

30%

Agreement in all regions

Agreed: 49% UK, 59% U.S., 49% Canada

Agreed: 49% UK, 44% France, 56% U.S., 44% Canada

Agreed: 44% UK, 45% U.S., 35% Canada




Strong disagrees: 61% in Finland and 48% in Australia and Sweden

Responsibility for my money ultimately sits with my bank rather than any third-party provider I may choose to use to initiate a payment

I’m happy with my current payment options and am not looking for any alternatives

Agreed: 44% UK, 47% U.S.

Most regions have a much stronger percentage of “disagrees,”

but only 29% in the UK disagreed

28

In terms of payments, how much do you agree with the following statements?


Contact us to discuss the results of the survey and how CGI can help you build new revenue generating offerings.

E: [email protected]

2928

RECOMMENDATIONS FOR BANKS

To take advantage of the opportunities highlighted by this survey, we recommend the following steps:

Review your retail banking strategy: What is the state of your online banking capabilities? Where are you on mobile front? Have you talked to any FinTechs? Are you able to buy? Do you choose to build?

Continue to improve the online channel: This trusted and scalable gateway will allow consumers to access the services they want at times that are best for them. It is also a bank’s best bet for providing new services designed to serve and inform an increasingly mobile customer base.

Use AI to speed up tedious tasks and improve service: Consumers are increasingly open to banks using this technology. Leverage it to reduce costs and strengthen relationships by speeding up and personalizing interactions wherever possible.

Improve your electronic bank transfer and mobile payment capabilities: Cash should not be king this far into the age of electronic payments. However, electronic options need to be at least as easy to use as cash for migration to occur.

Consider collaborating with FinTechs to provide advice on reducing spending and increasing wealth: This is not a core competency of many financial institutions and taking the time to develop in-house capabilities may squander valuable time. Focused FinTechs can enable banks to deploy needed services far faster than they could by building them in house, providing banks flexibility in pursing new revenue sources.

About CGI

A partner for the future

Every day around the world CGI partners with financial services clients to turn rapid change into measurable opportunity. Through our client-proximity business model, we work side-by-side with them, drawing upon our global capabilities to help identify, develop, implement and operate the innovative strategies and solutions needed to meet their customers’ expectations.

We’ve seen the world around us become more connected, transcending cultures, languages and borders. Today, we partner with clients to support their most strategic and visible initiatives, helping to innovate, develop, improve and secure the technology that is at the heart of this transformation. We partner with 15 of the top 20 banks globally, and our top 10 banking clients have worked with us for an average of 26 years. We serve clients across banking and financial markets to drive new digital capabilities and customer-centric, revenue-generating business opportunities.

© 2019 CGI Inc.

www.cgi.com/[email protected]

Consumer Survey 2018 - CGI.com

Documents

Transcript of Consumer Survey 2018 - CGI.com