Banking services fail to keep up with digital-savvy consumers

There is a significant 'value gap' between the banking services that today's digital consumers demand and what banks currently provide. Indian consumers have been adopting technology at a blazing rate but a majority don't feel their primary banks provide the relevant, convenient services they value, finds a Cisco survey of digital consumer behaviour and bank delivery.

Almost 97 per cent of respondents agreed that they would move their money to a different financial institution for personalised, internet of everything-enhanced services such as mobile payments, branch recognition, virtual financial and mortgage advice. Almost three-quarters of the respondents indicated that they would open an account at a different bank that offered the specific branch recognition services they sought. The research findings indicate that consumers from all age groups respond to technology offerings from financial institutions, specifically personalised ones.