CGI survey highlights consumer digital preferences

The CGI 2016 consumer survey has revealed that consumers want digital financial services from their financial institution.

The ‘FinTech Disruption in Financial Services’ survey examines digital financial services and how well financial service providers are meeting consumer needs. It also looks at how much value consumers place on digital banking service concepts, market awareness, impediments to purchase and their provider preferences for digital services.

The survey found that over 75% of consumers would prefer to acquire new digital services from their current financial institution or another traditional provider, rather than a non-traditional provider such as a FinTech. Meanwhile, 78% of consumers identified digital protection as a highly valued service, 83% said they were aware of the service and 52% said they intended to use it.

Over half of respondents identified mobile payments as a valuable service, while lack of trust proved to be the biggest obstacle to purchasing across all financial digital services, followed by perceived complexity and risk aversion.

“Work is needed to reduce the complexity of these digital services and aid purchase,” CGI Vice President and Global Lead for Retail Banking Kevin Poe said.

“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.”

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.

“This survey offers banks and FinTech companies a glimpse of how consumers around the world see their digital future,” said Steve Lennon, CGI’s digital transformation and data insights leader in Australia.

“Australian consumers also indicated a strong preference to explore this digital financial future with their existing financial services providers, rather than the more unfamiliar FinTech start-ups. This creates partnership opportunities for our major banks to deliver the next-generation digital products and services consumers are waiting for.”

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