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Consumers Want Digital Financial Services from their Current Financial Institution


Montréal, Quebec, Canada, Oct 11, 2016 -- CGI (TSX: GIB.A) (NYSE: GIB) has released the findings from its 2016 consumer survey on digital financial services and how well financial service providers are meeting consumer needs. The 2016 survey, "FinTech Disruption in Financial Services," examines how much value consumers place on a wide range of digital banking service concepts, market awareness, impediments to purchase, and their provider preferences for digital services.

Today’s banks face an unprecedented array of challenges, including financial technology (FinTech) competitors that are striving to take a share of bank customers, products and revenues—and bank executives are paying attention. In CGI’s 2016 Global 1000 outlook report, which entails in-person conversations with business and technology leaders around the world, banking executives cited the accelerated transformation of banking as a top trend in order to address pressure from competitors, customers and regulators. To complement the discussions about the role of FinTechs in reshaping the banking industry, CGI’s latest survey now brings the voice of the consumer into the FinTech disruption equation.

CGI surveyed 1,670 consumers in the U.S., Canada, the U.K., France, Germany, Sweden, Singapore and Australia and examined 12 leading FinTech-driven service concepts, including digital identity and fraud protection, aggregated personal financial management, mobile payments, personalized digital experience, and more. Key findings include:

- More than 75 percent of consumers expressed a preference to acquire new digital services from their current financial institution or another traditional provider over a non-traditional provider.

- Seventy-eight percent of consumers identified digital protection as a highly valued service, 83 percent said they are aware of this service and 52 percent said they intend to use it.

- Sixty-one percent identified personal financial management—including the ability to see all personal financial information in one place—as a highly valued service. Sixty-three percent are aware of it and 37 percent said they intend to use it.

- Fifty-one percent cited mobile payments as a valuable service, and 94 percent are aware of it with 53 percent intending to use this service.

- Lack of trust proved to be the biggest obstacle to purchasing across all financial digital services, followed by perceived complexity and risk aversion.

"Incumbent banks are well positioned to offer new digital financial services based on their trusted customer relationships with high-levels of up-take. Partnerships with FinTech firms can allow banks to move more quickly—one of the approaches banks are taking to meet rising customer expectations for fast, personalized digital services as we heard in our Global 1000 conversations," said Kevin Poe, Vice-President and Global Lead for Retail Banking at CGI. "Work is needed to reduce the complexity of these digital services and aid purchase. On the other hand, new market entrants must find ways to overcome the hurdles of customer access and trust, and partnerships with banks provide a potential solution to these challenges," Poe added.


Posted by Veronica Silva Cusi, news correspondent
Source: CGI

Date Posted: Thursday, October 13, 2016

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