Increased use of technology to be deployed to ensure convenient banking and systems security is set to define the future of banking in the country, according to the a 2015 pwc banking survey.
The survey conducted by accounting and advisory firm PricewaterHouseCoopers (pwc) captured the views of customers and executives of banks with both sides of respondents giving high ratings to the roll technology will play to create what is termed �the future bank� from the eyes of the consumer.
Presenting the general findings of the survey to a cross-cutting audience mainly from the financial services sector, the Senior Country Partner, Mr Vish Ashiagbor, said with the reduction in customer loyalty, �One of the things that would enhance banks� ability to deliver to customer expectation is the technology and keeping their operating models simple.�
He said, overall, banks should keep their eyes on what their consumers wanted and have a customer-centric focus, admitting however that �banks have invested a lot in technology over the years. But this survey report indicates that it will continue to be a major driver of banking into the future.�
The survey was on the theme: �Bank of the Future: What bank customers want to experience by 2020.�
Majority of customers (68 per cent) in the survey agreed that banking technology was supportive of a fully integrated distribution channel that enabled customers to have more control over their accounts. Only five per cent of the customers gave a low rating for technology as a top three driver of banking into the future.
Interestingly, 35 per cent of customers said their banks were prepared to harness the potential of technology; 53 per cent said their banks were not prepared but were likely to take advantage of it, with 12 per cent of the customers saying their banks were neither deploying such required technology nor were they likely to do so.
The survey, however, signalled hope as the bank executive themselves gave a 100 per cent rating to technology to be among the top three drivers of banking into the future. Only 64 per cent of this segment of the respondents rated technology as a top three driver of banking in last year�s survey.
Source: Daily Graphic
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