Consumer expectations complement bank executives'
views on the urgency to accelerate digital transformation
identified in 2016 CGI Global 1000 outlook
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www.cgi.com/newsroom
MONTRÉAL, Oct. 11, 2016
/PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) today released the
findings from its 2016 consumer survey on digital financial
services and how well financial service providers are meeting
consumer needs. The 2016 survey, "FinTech Disruption in Financial
Services," examines how much value consumers place on a wide range
of digital banking service concepts, market awareness, impediments
to purchase, and their provider preferences for digital
services.
Today's banks face an unprecedented array of challenges,
including financial technology (FinTech) competitors that are
striving to take a share of bank customers, products and
revenues—and bank executives are paying attention. In CGI's 2016
Global 1000 outlook report, which entails in-person conversations
with business and technology leaders around the world, banking
executives cited the accelerated transformation of banking as a top
trend in order to address pressure from competitors, customers and
regulators. To complement the discussions about the role of
FinTechs in reshaping the banking industry, CGI's latest survey now
brings the voice of the consumer into the FinTech disruption
equation.
CGI surveyed 1,670 consumers in the U.S., Canada, the U.K., France, Germany, Sweden, Singapore and Australia and examined 12 leading
FinTech-driven service concepts, including digital identity and
fraud protection, aggregated personal financial management, mobile
payments, personalized digital experience, and more. Key findings
include:
- More than 75 percent of consumers expressed a preference to
acquire new digital services from their current financial
institution or another traditional provider over a non-traditional
provider.
- Seventy-eight percent of consumers identified digital
protection as a highly valued service, 83 percent said they are
aware of this service and 52 percent said they intend to use
it.
- Sixty-one percent identified personal financial
management—including the ability to see all personal financial
information in one place—as a highly valued service. Sixty-three
percent are aware of it and 37 percent said they intend to use
it.
- Fifty-one percent cited mobile payments as a valuable service,
and 94 percent are aware of it with 53 percent intending to use
this service.
- Lack of trust proved to be the biggest obstacle to purchasing
across all financial digital services, followed by perceived
complexity and risk aversion.
"Incumbent banks are well positioned to offer new digital
financial services based on their trusted customer relationships
with high-levels of up-take. Partnerships with FinTech firms can
allow banks to move more quickly—one of the approaches banks are
taking to meet rising customer expectations for fast, personalized
digital services as we heard in our Global 1000 conversations,"
said Kevin Poe, Vice-President and
Global Lead for Retail Banking at CGI. "Work is needed to reduce
the complexity of these digital services and aid purchase. On the
other hand, new market entrants must find ways to overcome the
hurdles of customer access and trust, and partnerships with banks
provide a potential solution to these challenges," Poe added.
To learn more or read the "FinTech Disruption in Financial
Services" study, visit cgi.com.
About the CGI Global 1000
The CGI Global 1000 outlook
is conducted annually as a series of forward-looking conversations
between CGI consultants and senior business and technology
executives in commercial and government organizations. Through
these discussions, executives share their perspectives on the
trends impacting their organizations and how they plan to address
the challenges and opportunities through their business and
technology priorities and plans. In 2016, CGI professionals
interviewed more than 1,000 executives in 10 industries and 20
countries, including in-depth discussions about digital
transformation and cybersecurity. For more information about the
CGI Global 1000, or to request a meeting to discuss its global,
industry or regional insights, visit www.cgi.com/global1000.
About CGI
Founded in 1976, CGI Group Inc. is the fifth largest independent
information technology and business process services firm in the
world. Approximately 65,000 professionals serve thousands of global
clients from offices and delivery centers across the Americas,
Europe and Asia Pacific, leveraging a comprehensive
portfolio of services, including high-end business and IT
consulting, systems integration, application development and
maintenance and infrastructure management, as well as 150 IP-based
services and solutions. With annual revenue in excess of
C$10 billion and an order backlog
exceeding C$20 billion, CGI shares
are listed on the TSX (GIB.A) and the NYSE (GIB).
Website: www.cgi.com.
SOURCE CGI Group Inc.