A survey of over 32,000 banking customers by Ernst and Young has revealed a global increase in banking confidence since last year. The study, ‘Winning through customer experience’ shows that confidence in the banking industry is once again on the rise with a third of customers world-wide now more confident in the industry compared to a year ago and higher levels of trust in individual banks. Increasing numbers of customers are also satisfied enough to recommend their main banking provider to others.
Despite this rise in confidence, banking customers often feel banks fall short of what newer types of banks and technology companies can offer, even when it comes to providing financial advice. Over 30% of respondents reported that alternative banking providers are better able than traditional banks in helping customers reach their financial goals. Transparency over fees and charges were also a consistent issue for banks across the globe, representing 15 percent of all reported complaints.
Mike Fisher, Associate Director for Financial Services at Executives Online, said: “With customers looking for increasingly convenient financial services in the form of online and telephone banking, large banks and associated businesses such as investment, private equity and accountancy firms will look to increase their online presence, provide comprehensive online and telephone banking facilities, and ensure such services are safe and secure.
“Last year, a security firm detected more than 143,000 new modifications of malware and virus programmes targeting mobile banking devices alone, and financial service companies not only need to invest in staff with highly specialised skills in areas such as risk management and change management, but also operational roles such as security and IT. Executives Online anticipates that a large proportion of these roles will be interim, as companies implement their growth and change plans to meet new market demands and opportunities.”