{"id":4470,"date":"2021-03-02T07:17:40","date_gmt":"2021-03-02T07:17:40","guid":{"rendered":"https:\/\/outsourcing-today.ro\/?p=4470"},"modified":"2021-03-02T07:17:41","modified_gmt":"2021-03-02T07:17:41","slug":"ntt-datas-global-study-finds-nearly-50-per-cent-of-customers-want-financial-institutions-to-act-as-a-conscientious-advisor-on-major-spending-decisions","status":"publish","type":"post","link":"https:\/\/outsourcing-today.ro\/?p=4470","title":{"rendered":"NTT Data\u2019s global study finds nearly 50 per cent of customers want financial institutions to act as a conscientious advisor on major spending decisions"},"content":{"rendered":"\n

According to research findings released today by NTT DATA<\/a>, there is ample opportunity for financial institutions to harness the power of AI to build more meaningful connections and experiences with customers \u2014 vastly improving both retention and acquisition. In the global study, customers provide striking testimony about what they would like their financial institutions to provide for them:

\u2022 53% of customers say they would like their financial institution (FI) to proactively send them reminders on upcoming major payments
\u2022 49% of customers want their FI to anticipate products and services they might need or be interested in
\u2022 47% of customers want their FI to connect the dots between their income, expenses and savings providing proactive guidance to help them reach their financial goals
\u2022 46% would like their FI to act as a conscientious advisor (voice of reason) on major spending decisions
\u2022 39% of customers want their FI to intervene and prevent purchases to help them stay on budget and reach their financial goals

“Customer needs are changing, and so are the ways in which financial institutions need to interact with them,” said Wayne Busch, President Financial Services and Insurance, NTT DATA Services.<\/strong>
“Advancements in artificial intelligence, machine learning and data intelligence are giving banks vast capabilities to deliver what customers want \u2014 hyper-individualized, relevant and timely financial guidance to achieve their life ambitions.”

To meet these customer expectations, accurate, real-time data must be at the core of every customer interaction. Better data \u2014 and the ability to act on its insights through AI \u2014 enables FIs to anticipate customer needs, provide personalized financial counsel, improve data protection, automate manual transactions, and power proactive alerts.

“Futurists are the most important customer segment for financial institutions to understand as they pose a substantial opportunity for growth and customer retention,” said Kaz Nishihata, Executive Vice President, NTT DATA. “We believe over time that technological progress will turn the customer segment that today says they will not pay for personalized proactive services into Futurists.”

To explore how AI can enable FIs to attract and retain customers in a digital world, NTT DATA surveyed 4,807 consumers and 476 senior executives in banking, brokerage, capital markets, wealth management, and cards and payments across the U.S., UK, Germany, Spain, Italy, Japan, Brazil and Mexico in December 2020.<\/p>\n\n\n\n

Key study findings include:<\/h4>\n\n\n\n

1) The top five reasons customers leave their financial institution center around price, access, and trust (ranked in priority order).<\/strong>
\u2022 High fees
\u2022 Poor customer service
\u2022 Data breach
\u2022 Unattractive savings and loan interest rates
\u2022 Competitive offers

2) Trust is most important to customers.<\/strong>
\u2022 66% of customers tell banks “be honest with me” \u2014 if you make a mistake, be honest with me about it, and correct it.
\u2022 59% say “deliver on your promises” \u2014 if you promise to deliver a payment in two days, make sure I can access the funds in two days. If you promise to protect my data, don’t fail.

3) Gen X and Millennials are willing to pay more to receive personalized recommendations to improve their financial well-being.<\/strong>
\u2022 35% of survey respondents are willing to pay for and share personal data for personalized proactive services
\u2022 These “Futurists” tend to be younger (majority are Gen X and Millennials in the 35-44 age group), have higher incomes, have many banking relationships, are extremely comfortable using technology, and prefer using digital products and services
\u2022 66% of Futurists agree personalized proactive services are an important feature for their primary bank to offer

4) Customers are willing to share personal data in exchange for personalized proactive services.<\/strong>
61% of consumers are motivated to let go of their reservations around privacy and security in exchange for managing their individual spending budget and getting online individual advice to save money. For example, customers said they would:
\u2022 41% share online retail purchases
\u2022 37% share geo location details
\u2022 36% share airline programs information
\u2022 36% share credit card information

To download a copy of NTT DATA’s research report, “Get Personal: Banking on AI to Help Customers Reach Their Hopes and Dreams,” visit\u00a0https:\/\/us.nttdata.com\/en\/engage\/banking-on-ai.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to research findings released today by NTT DATA, there is ample opportunity for financial institutions to harness the power of AI to build more meaningful connections and experiences with customers \u2014 vastly improving both retention and acquisition. In the global […]<\/p>\n","protected":false},"author":2,"featured_media":4472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,5],"tags":[348],"_links":{"self":[{"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/posts\/4470"}],"collection":[{"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4470"}],"version-history":[{"count":1,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/posts\/4470\/revisions"}],"predecessor-version":[{"id":4473,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/posts\/4470\/revisions\/4473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=\/wp\/v2\/media\/4472"}],"wp:attachment":[{"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/outsourcing-today.ro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}