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MONTRÉAL, Sept. 29, 2015 /CNW Telbec/ - CGI (NYSE: GIB) (TSX: GIB.A) has released the findings of a survey it commissioned of more than 1,400 bank consumers across seven countries to understand current consumer views on the future of banking. While consumers value banks for providing a secure place for storing and moving money and data, there are other value-add services they want but are not currently receiving, including identity and data protection, rewards, wealth building, personalization, and cash management.
In addition, online banking has become the most preferred service channel, regardless of age, income, location or bank type, and evolving consumer expectations are driving the need for accelerating banks' digital transformation programs. Without action, banks may be forced into being a 'wholesaler' by their own customers while faster movers and innovators will be benefiting from consumer loyalty and new revenue streams.
Key survey findings include:
- Protection: Protection is the top desired service, as consumers become more aware of increasing fraud in the digital world; One in four consumers would pay a premium for more identity and data protection
- Rewards: Reward programs are in high demand, with 70% of consumers saying rewards are important, and only 7% saying they are unimportant.
- Wealth building: One in three consumers would pay a premium for wealth building services
- Personalization: Only 10% of respondents believe it is not important to be known by their bank, and nearly one in five (19%) are willing to pay for their bank to know them better
- Cash management: Real time facilitation of cash, liquidity and management of cash flows are expected by 65% of consumers across all countries, ages, incomes and bank types, together with real-time balances
- Consumer data: Over 80% of consumers are open to banks using their basic information for improved services or products
- Channel preference: Online is the preferred channel choice for consumers, regardless of age, income, location or bank type, with only 10% of consumers not using their banks online service "unless they have to."
- Future banking models: Respondents predict a highly digital banking environment in the future with all banking done digitally (37%), through smartphones (36%), or, alternatively, using fingerprint recognition technology (30%).
- Openess to new players: There's an openness to new digital technologies with 57% of respondents stating they would trust PayPal for protection services and 46% stating they trust online investment sites and personal financial management tools for wealth building services and cash management
"As the pace of digital disruption in banking is picking up speed, we are going to see a lot of interesting times ahead for the global banking community," said Penny Hembrow, Vice-President and Global Lead, Financial Services, CGI. "Tomorrow's digital bank will need to continue to build on the bedrock business of financial storage, payments and protection while also becoming a full-fledge "financial well-being" services provider. Leading banks are focused on delivering a highly convenient, secure and trusted digital experience that will differentiate them not only from other banks but from new market entrants as well. They are also embracing the concept of "my digital best friend" from industries like retail and communications and combining it with smartphone and face-to-face support to deliver what financial consumers are expecting today and in the future."
The survey was conducted by Research Now, one of the world's leading digital data collection firms. To read the complete survey results, along with CGI's analysis and recommendations, download CGI's Financial Consumer Demands for Tomorrow's Digital Bank report.
CGI is a recognized IT leader in the financial services industry, with more than 16,000 finance professionals working with clients across 5 continents, including 23 of the top 25 banks in the Americas and 21 of the top 25 banks in Europe. For more information, visit www.cgi.com.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services, including high-end business and IT consulting, systems integration, application development and maintenance, and infrastructure management, as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog of approximately C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
SOURCE CGI Group Inc.
For further information: Investors, Lorne Gorber, Executive Vice-President, Global Communications and Investor Relations, [email protected], +1 514-841-3355; Media, Linda Odorisio, Vice-President, Global Communications, CGI, [email protected], +1 703-267-8118