View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Distribution
July 4, 2016updated 04 Apr 2017 3:58pm

Digital transformation could improve bank-client relationship

A Youbiquity Finance research run by BT and Avaya, found that by focusing on digital transformation, banks could deliver better services and improve customer relationships. Convenient digital services such as video chat could help people better understand financial products and improve trust.

By Jessica Longley

By focusing on digital transformation, banks could deliver better services and improve customer relationships, found a Youbiquity Finance research run by BT and Avaya. Convenient digital services such as video chat could help people better understand financial products and improve trust.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

Consumers are now increasingly using technology for financial products and services which is being linked to an improvement in their relationship with their banks and insurance companies. 35% of UK consumers now admit they have a strong relationship with their bank, up from 29% in 2014.

Steve Rafferty, UK managing director, Avaya, says: "Firms must act now if they are to continue to satisfy the rising expectations of digital consumers. They need to build digital contact platforms around the customer and ensure that they’re integrated across each channel."

More and more people are getting familiarised with technology, with 46% of UK consumers now using a PC or MAC once a week to check balances, leading to a boost in their confidence to experiment with more complex banking interactions digitally. 29% of all respondents say that they have applied for mortgages online, versus 17% in 2014.

55% of all consumers surveyed agree that having conversations with advisors by video conference would help them better understand the information being given. This rises to 63% of 16-24 year olds.

Surprisingly, despite them being the most tech-savvy generation, younger customers are the ones most in need of person-to-person support. The research finds that only 47% of 16-24 year-olds say that they are confident in making their own financial decisions, versus 66% of people aged 55 years or more. 62% of people said that video chat could help improve trust compared with 70% of 16-24 year olds.

Ashish Gupta, president, UK and global banking & financial markets, BT’s Global Services division, says: "With 24-7 access to online and automated services, and companies now offering person-to-person engagement via video, phone or web chat, it’s easy to see why trust in financial services firms is beginning to grow again."

Not to be forgotten are the challenges presented by the digital consumer. Two in three people surveyed expect web chat conversations to start right away and three in four people want their phone calls answered within 30 seconds.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International