|By RealWire News Distribution||
|January 10, 2014 05:18 AM EST||
Survey conducted by YouGov indicates changing personal banking preferences among Britain's residents presents delivery challenges for banks
LONDON, January 9, 2014 - Research published today by Genpact Limited (NYSE: G), a global leader in transforming and running business processes and operations, reveals a tangible shift in personal banking preferences in Britain - away from bank-staff driven and toward customer self-directed services. The survey of 2,337 adults living in Britain, conducted by YouGov, revealed that close to two thirds (64%) of people online who hold a current account with a bank or building society would prefer to conduct their banking online or via a mobile application compared to just 29% who prefer telephone or in-branch banking.
Results of the survey also showed that 29% of respondents surveyed had not used their bank's call centre service, which indicates the rising importance of direct access for personal banking.
Hugh Morris, Genpact's vice president of Banking, Financial Services and Insurance, Europe, said, "This survey is a clear signal that the industry must change its approach and begin to direct resources away from call centres and branches and towards better, more effective facilities for customers to do their own banking. It shows unequivocally that consumers are moving away from the 'branch and telephone banking' model and demanding a more 'virtual banking' services model."
The research suggests consumers surveyed are driving the rise of the virtual bank as they demand faster banking and better interaction with their bank which is a trend that is predictably led by the internet generation of 25-34 year-olds. This band of technology savvy 'Generation Y' is the most likely to prefer banking online or via a mobile application (75%) and the least likely to prefer to visit a branch (11%).
Morris added, "Fundamentally, this survey has revealed that British banks must rethink their service delivery models. The legacy, intermediated operating models dating back to the 20th century that are still in use today need to be overhauled in order to cater to the banking preferences of the next generation who want direct access to do their own banking."
Current telephone and in-branch banking delivery services are viewed as being analogue processes in a digital world. These are associated with waiting, whether in a queue or on hold, and seen as cumbersome and time consuming. All of these factors go against the instant service delivery that consumers expect today.
"The UK can learn a lot about the use of nimble service delivery approaches for personal banking from some developing countries where we are seeing a real revolution in the way these services are provided. For example, there are regions in India and Africa where users never go to a branch but have the ability to conduct all banking transactions by SMS, smartphone or tablet. People are now demanding this level of flexibility in the UK and banks need to drive a fundamental re-engineering of their customer operational processes in order to keep up with customer demand," Morris concluded.
Other findings from the study revealed:
- Over a third (34%) of people online who hold a current account with a bank or building society aged 55 and over would prefer to visit banks compared with just 11% of 25-34 year olds
- Only 31% of all GB adults believe that regulation of the banking industry is a lot better now than it was before the financial crisis in 2008
- LinkedIn users who hold a current account with a bank or building society are more likely to prefer virtual banking (74%) compared to Facebook, Twitter and Google+ users.
Genpact Limited (NYSE: G) is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. Our mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact - visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. Our approach is distinctive - we offer an unbiased, agile combination of smarter processes, crystallised in our Smart Enterprise Processes (SEPSM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability. We have global critical mass - 62,000+ employees in 24 countries with key management and corporate offices in New York City - while remaining flexible and collaborative, and a management team that drives client partnerships personally. Our history is unique - behind our single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook and LinkedIn.
# # #
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,337 adults. Fieldwork was undertaken between 28/08/2013 - 30/08/2013. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
For more information:
+44 (0) 207 309 1212
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 30, 2016 09:15 AM EDT Reads: 1,641
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 30, 2016 09:00 AM EDT Reads: 569
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Jul. 30, 2016 09:00 AM EDT Reads: 580
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 30, 2016 08:30 AM EDT Reads: 1,015
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 30, 2016 08:00 AM EDT Reads: 736
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Jul. 30, 2016 07:45 AM EDT Reads: 856
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 30, 2016 07:45 AM EDT Reads: 709
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 30, 2016 07:45 AM EDT Reads: 2,396
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 30, 2016 07:30 AM EDT Reads: 1,680
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 30, 2016 07:30 AM EDT Reads: 451
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Jul. 30, 2016 07:15 AM EDT Reads: 448
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 30, 2016 05:45 AM EDT Reads: 2,389
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 05:15 AM EDT Reads: 1,470
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 30, 2016 05:15 AM EDT Reads: 2,710
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jul. 30, 2016 04:45 AM EDT Reads: 1,474