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May 24, 2016
LONDON and JACKSONVILLE, Fla, May 24, 2016 – According to an in-depth, global research study – the PACE Index – released today by FIS™ (NYSE: FIS), a global leader in financial services technology, British consumers identified fairness (lack of hidden fees), reliability (following through on promises) and recognition (reward for their loyalty) as three areas UK banks need to improve.
In order to win back consumers’ favour, the report concludes that banks need to better intersect with their customers’ financial lives. This means, among other things, introducing tools which help people look after their money better, issuing alerts when funds are running low and tracking of spending patterns. Consumers are overwhelmingly positive about such services and six times more likely to use an app from their bank than from another organization presenting an excellent opportunity.
Another opportunity for banks is in helping people become more financially savvy. The Index shows that 82 percent of bank customers have no form of financial advisor. Research suggests this is directly linked to what customers feel is their single biggest pain point – finding time to visit a branch. However, over a third of millennials showed interest in online financial coaching from their banks.
Martin Barber, managing director, EMEA, FIS, said: “Banks need to engage more with their customers using mobile services and apps. And the provision of personal financial management services is the perfect way to demonstrate value and provide tailored, useful services. Banks would do well to focus on younger consumers who are open to the idea, and who will become the profitable customers of the future.”
“The PACE Index shows that UK banks aren’t currently providing what people want in terms of online advice and coaching in money management. The key action point for UK banks is making the move from banking to living. People are open to the idea and want help to meet their financial aspirations. Banks can fill the hole left by the absence of old fashioned financial advisors, and in doing so win the trust and future business of customers.”
A complete copy of the PACE report for the UK, as well as the global and other country-specific reports, can be downloaded from http://closethegaps.fisglobal.com
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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