Bridging the digital gap....the ones that get it right tap into a multibillion opportunity!
U.S. consumers are living a digital lifestyle across generations, but see their primary financial institution as lagging in the ability to deliver convenient, personalized service. For those banks and credit unions able to deliver Internet of everything (IoE) enabled services, the rewards could be significant. According to a study from Cisco entitled “Reimagining the Digital Bank,” 43% of consumers believe their bank does not know them, and consequently cannot deliver personalized service. In addition, 31% believe that their bank is not helping them reach their primary financial goals and 1 in 5 respondents said they will switch financial institutions for personalized Internet of Everything (IoE) enabled services. Younger consumers are more likely to believe their financial institutions doesn’t know their needs, while older demographic segments are more likely to feel their bank is not helping them meet their financial goals.