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FIS releases its Consumer Banking PACE Index, gauging bank Performance
Against Customer Expectations (PACE) in Australia for thefirst
time
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Australian banks rank just above the global average for all banks
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Safety, Fairness, Security, Simplicity and Reliability are consumers’
most important attributes for their banks.
Company Website:
http://www.fisglobal.com
SYDNEY -- (Business Wire)
According to the global Consumer
Banking PACE Index released today by FIS, (NYSE: FIS), a global
leader in financial services technology, Australian banks have been
ranked sixth out of 10 nations surveyed in a global assessment of bank
customers’ views of their financial institutions. The results of the
survey indicate that Australian consumers put financial safety, service,
product simplicity and customisation ahead of being ‘leading edge’.
Additionally, Australians want their banks to better reward customers
for their loyalty, and the needs of the millennial generation for fast,
digital banking solutions requires greater attention from banks.
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The online survey of approximately 1,000 Australians with bank accounts
identifies that customers expect banks to keep their money safe and
identity secure. Consumers also indicated they want banks to set
transparent pricing and terms with no hidden costs and to stay true to
promises made to them. Furthermore, products and services offered by
banks should be easily understood by customers.
Richard Palmer, Managing Director, Banking & Payments, Australasia, FIS,
said: “The findings in our PACE Index report strongly signal that
Australians want safe and simple banking solutions that help them in
their day-to-day lives. Customer priorities are the safety of their
money, ease of product use and customised products that address their
individual needs.
“The Index findings show that for banks to attract and retain the
growing millennial market, they must apply their strong innovation focus
to anticipating consumers’ life events and communicating their ability
to help them meet their life aspirations.”
Snapshot of the Australian Report
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Australian bank customers assign greater weight to safety, fairness
and security than their global counterparts. Fairness of charges and
fees falls short of consumer expectations. Australians also perceive
their banking providers perform below their standards for reliability
and transparency.
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Customers rank simplicity of product use higher than leading-edge
products. Though banks perform to expectation in these areas, they lag
in providing a customised product offering.
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Almost 25% of Gen X customers and four in 10 millennials find it
difficult to make time to visit a bank branch, putting connectivity
via technology at a premium.
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Millennials face challenges in obtaining information on better loan
deals and fulfilling their information needs digitally. However, the
major pain point of millennials and Gen X customers occurs with
sourcing and confirming a loan quickly enough to take advantage of an
opportunity.
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90% of respondents who use a personal financial management app are
using their primary financial institution’s app. However, outside of
millennials adoption of these apps remains limited.
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The vast majority – 78 per cent – of banked consumers have no form of
financial advisor, though there is appetite for their bank to support
them in achieving their important financial and life goals.
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More than 60% of respondents anticipate at least one life event with
financial implications in the next 36 months. Almost 75% of
millennials anticipate an event with some 34% looking at buying a
house and 36% considering purchasing a car. Thirty per cent of
millennials are also considering investment for the future.
Key Insights for Australian Banks
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Australian consumers continue to place their primary financial
provider first when considering life events that have a financial
requirement.
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The millennial demographic represents the future of banking and nearly
22% of millennial respondents will consider other providers than their
primary provider for financing life events. A shift to digital with
easy to use products and services, particularly mobile and tablet
channels, is critical to respond to the demand of this population.
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Banks can capitalize on existing customer loyalty by meeting the
aspiration and advice needs with trusted support in helping to meet
their financial goals.
About
FIS
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.
About
the FIS Consumer Banking PACE Index
The FIS Consumer Banking PACE (Performance Against Customer
Expectations) Index tracks how financial institutions are performing
against customer expectations in 10 countries. The Index, which began in
2015 and survey 10,000 bank customers, reveals insights that help banks
navigate growth opportunities in today’s disrupted environment and adapt
to changing expectations from consumers, particularly maturing
millennials. PACE 2016 Index Ranking by scores: (1) Germany, (2) United
States, (3) Switzerland, (4) Canada, (5) United Kingdom, (6) Australia,
(7) Poland, (8) Philippines, (9) India and (10) Brazil.
Follow FIS on Facebook (facebook.com/FIStoday)
and Twitter (@FISGlobal).
View source version on businesswire.com: http://www.businesswire.com/news/home/20160524006734/en/
Contacts:
Sydney:
Emma Cullen-Ward, +61 414 989 137
emma@oneprofile.com.au
or
Global:
Kim
Snider, + 1 904.438.6278
Senior Vice President
FIS Global
Marketing and Communications
kim.snider@fisglobal.com
Source: Fidelity National Information Services
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