KBAY Kanbay International (MM)

Banking Demand 2006 report shows how consumers view top competitive banks versus popular retailers and Internet companies ROSEMONT, Ill., Dec. 12 /PRNewswire-FirstCall/ -- As banks look to gain an edge over competitors, some are borrowing tried-and-true techniques from the retail industry to improve their customer experience. This approach yields only part of the solution though, since consumers clearly state that their expectations are substantially higher for banking than for retailing, according to Kanbay Research Institute's (KRI) latest study on banking demand. Washington, D.C.-based KRI, an operating unit of Adjoined Consulting, LLC, today released the report "Banking Demand Today: How Consumers View The Most Competitive Banks in Comparison to Retailers and Internet Companies." According to consumer ratings, the three banks most desired by consumers are: 1. Comerica (NYSE:CMA) 2. Bank of America (NYSE:BAC) 3. ING DIRECT (NYSE:ING) Comerica was also rated as the most desired bank by consumers in the KRI's annual report on financial services firms, which included consumer credit, insurance, securities and investment firms. Banking Demand 2006 compares how consumers view banks on the same 12 core attributes measured in the KRI's Retail Demand 2006 study, which can be downloaded at http://www.kanbayresearch.com/retail.html . Both studies measure three business areas common to every company regardless of industry: products, operations and management. KRI uses a common research method across all industries, allowing for direct comparison of consumer expectations and the ability of companies to deliver on them. "Because most banks feel their industry is commoditized, many try to find differentiation in how they offer basic products such as free checking or interest-bearing accounts. Yet, this is one of the worst places to look for a long-term, competitive advantage," said Gary A. Williams, Executive Director of the KRI. "Consumers rate product uniqueness as one of their lowest desires from banks. What they really want is more competent staff and greater safety when using a bank." After several years of stagnant growth earlier this decade, the banking industry is starting to develop competitive advantages to hold on to more customers and enable consistent revenue growth. For example, Bank of America has built a high rating in economies of skill with customers based on its superior Web site. The company is building a second strong barrier for entry to the market for its competitors by focusing on staff competence. Tellers are trained to "delight their customers" in much the same way a retailer's staff helps shoppers select merchandise. Both banking and retail consumers believe customer loyalty is the most critical success factor to being competitive - today and in the future. After customer loyalty, the next most important factors to banking consumers are executive credibility and technology. "While showing customer loyalty is critical across industries, how to best demonstrate a bank's loyalty is not that straight-forward," said Amy Levitt, Director of the KRI. "In the future, technology will be twice as critical to a bank's success as it is today. Retailers think of technology as their Web sites, yet banks must expand their use of technology to include distinct areas such as ATMs, credit cards, electronic deposits and wire transfers. Technology is everywhere in the banking experience." In KRI's 2006 study, KRI conducted 2,262 web-based interviews with U.S. consumers, rating eight leading banks from a set of 41 financial services firms. The 2006 edition of Banking Demand Today provides a complete list of consumer ratings for the eight banks included here. To download copy, please visit http://www.kanbayresearch.com/banking.html or contact . About the Kanbay Research Institute The Kanbay Research Institute (KRI) is an operating unit of Adjoined Consulting LLC, a subsidiary of Kanbay International, Inc. Originally founded in 1998 and formerly the independent research division of Adjoined Consulting, Inc., the KRI conducts primary research on an original set of leading indicators that measure consumer demand across functional, emotional and economic factors. Through a patented research system, comprehensive market models are built based on consumer desires that measure how well leading companies are meeting those desires. The KRI researches and analyzes over 300 market leading companies on a continual basis, with over 14 million data points collected since 2001 in a standardized fashion. The research provides strategic, technological and operational insights about how today's best performing companies tap into unmet customer demand to build long-term, economic advantages over the competition. For more information, contact (800) 840-5148 (U.S. only) or (703) 788-6751 worldwide, or visit http://www.kanbayresearch.com/ . About Kanbay International, Inc. Founded in 1989, Kanbay International, Inc. (NASDAQ:KBAY) is a global IT services firm with more than 6,900 associates worldwide. Kanbay provides a highly integrated suite of management consulting, technology integration and development, and outsourcing solutions through a proven global delivery platform to clients focused on financial services and consumer and industrial products, as well as an emerging presence in the communications and media and life sciences industries. Kanbay is a CMM Level 5 assessed company headquartered in greater Chicago with offices in North America and India as well as London, Singapore, Hong Kong and Melbourne. Further information about Kanbay can be found at http://www.kanbay.com/ . DATASOURCE: Kanbay International, Inc. CONTACT: Megan Grabos, +1-312-861-4710, , or Laura Micheli, +1-312-861-4712, , both for Kanbay Web site: http://www.kanbayresearch.com/retail.html http://www.kanbayresearch.com/banking.html http://www.kanbay.com/ http://www.kanbayresearch.com/

Copyright