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TheStreet Open House

Banks Can Have Our Secrets for Service and Savings, Survey Says

Stocks in this article: CSCO

NEW YORK ( TheStreet) -- Would global banking consumers trade more private information for more personalized customer service?

Yes, actually.

In fact, 69% of financial consumers surveyed by Cisco Systems (CSCO - Get Report), the San Jose, Calif., software giant, would make that trade. Cisco says the vast majority of banking customers want more security and "greater simplicity" in their relationships with banks and credit unions.


If there's one term to describe what consumers want, it might be "seamless," Cisco says -- but that includes availability, competence and efficiency, the key banking relationship attributes to 63%, 65% and 68% of respondents, respectively, in a survey covering more than 1,500 worldwide banking customers in 10 countries.

Some of the study's other key takeaways about the willingness to share data about personal financial habits with banks:

  • 83% would for stronger security measures.
  • 80% would for greater savings opportunities.
  • 78% would for more personalized service.
  • 56% would for more "simplicity" in managing their money.

Bank consumers are so open to any move toward more seamless banking relationships that accommodating the needs of those customers is triggering greater competition among banks.

"The battle for the financial consumer has begun," says Jorgen Ericsson, vice president of global financial services practice at Cisco. "Group retail banks that succeed in providing a seamless customer experience across all channels to market -- branch, mobile, online, contact center -- will be the winners of the future. Superior customer experience will be the only long-term sustainable differentiator."


Banks that move now "will not only capture wallet share but also strengthen trust and loyalty to their brand with their customers," says Al Slamecka, marketing manager for financial services at Cisco.

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