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Consumer Demand for Online Innovation on the Rise in Banking Sector

LONDON July 14, 2011


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Cable&Wireless Worldwide has long-term relationships with most of the world’s leading banks and in the UK provides communication solutions to eight out of 10 of the leading retail banks. This includes integrated social media and online channels with banks contact centre and branch environments, and also connectivity to over 70% of contact centre agents with their customers and 4,000 UK ATMs.

The research also finds that online channels typically deliver only functional banking services, but that around half of customers want banks to incorporate social and human aspects of customer service – such as more personalised customer service and tailored advice – into online banking.

Furthermore, banks use of new technologies such as mobile technology, social networking and video conferencing has untapped opportunity into their customer contact. Customers are not using these newer communications channels for buying products, but rather as channels for gleaning advice and information. Only 1% of consumers, who have sought advice from banks in the last month, have done so through video conferencing. Mobile phone applications (1%) and social networking (1%) are of similarly low incidence.

Michele Metcalfe

Notes to Editors

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November 2010

33% of bank customers have been called Stressed Technologies because they have busy lifestyles (professional full time jobs). They find using technology easy and convenient and they use the online system for both functional banking, problems solving and buying new products. For them, social and human aspects of banking (ie more personalised customer service, tailored advice and help) delivered online would improve their satisfaction with banks.

22% are Stressed Complainers (like the Stressed Technologies but by their nature they are hard to please and very demanding). These adults still make heavy use of the online system but when problems arise they switch to telephone contact. This group of adults indicate a potential for enhancing the online system with greater compliant handling capabilities.

About Cable&Wireless Worldwide

Asia Pacific India Middle East Africa North America

Reaching 20,500km in length, Cable&Wireless Worldwide owns the UK’s largest fibre network dedicated to business users of telecoms, and provides ubiquitous nationwide access through a combination of fibre, digital, microwave, radio and leased circuits. The network has presence in over 400 towns and cities in the UK, with 864 unbundled exchanges covering 56% of the population. Internationally, Cable&Wireless Worldwide’s global next-generation network (NGN) stretches to more than 425,000km, including interests in 60 global cable systems, enabling connectivity to more than 150 countries. The Group’s IP-based Multi-Service Platform operates at the core of our NGN, offering a single environment on which voice and data applications can be converged to drive business efficiencies. Cable&Wireless Worldwide’s network is uniquely designed with inbuilt resilience.

With more than 6,000 colleagues globally, Cable&Wireless Worldwide is committed to delivering exceptional customer service and developing long term partnerships with its customers.

Further detail on the research findings can be found here – . Katie Dove [email protected]

SOURCE Cable&Wireless Worldwide

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