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STUDY: NCR finds that banks need to focus on innovation, self-service tech
November 29, 2009
NCR Corp. says banks need to become more flexible if they want to regain consumer trust after the recession. At least that was the finding of a recent global study conductedf by NCR. According to a news release from NCR, the study found that 80 percent of customers are more likely to bank with a provider that enables them to manage their finances via online, mobile and self-service channels, rather than limiting banking options.
"Today, consumers are comfortable using a range of digital technologies to manage their lives and (they) expect to be able to manage their finances in a similar way," said Elton Birden, NCR's managing director for the U.K., Ireland and Scandanavia. "Banks must respond to these demands or risk losing business."
Speed and ease of access to financial services, such as payment deposits, are key priorities for consumers, according to NCR's research. Of those surveyed, 39 percent said they wanted shorter lines at the teller counter, while 31 percent said they required online, ATM or mobile bill-payment services. But despite a desire to manage their banking needs autonomously, people still want to discuss their finances face to face with a consultant, the study found. Three quarters of those surveyed claimed the ability to pre-book an appointment with a financial consultant online, via a mobile device or ATM kiosk would be useful.
"Financial institutions have been forced to change the way they do business and interact with customers to help rebuild trust in the banking industry and encourage customer loyalty," Birden said. "The banks that are succeeding are those that are now investing in technologies that offer customers instant access to an increased number of services and facilities, and greater autonomy over their finances."
New smart phones are making it easier to introduce downloadable applications that enable users to switch funds between higher interest and current accounts, as well as pay bills.
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