TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsResearch reveals banks still falling short of customer expectations
New consumer research undertaken by SunGard has found that banks in some of the worldâs fastest-growing emerging markets are still struggling to meet evolving customer expectations
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
N
ew consumer research undertaken by SunGard has found that banks in some of the world's fastest-growing emerging markets are still struggling to meet evolving customer expectations.
The expectation is negatively impacting customers' experience and driving a trend toward multiple banking relationships, which could affect future profitability and growth. The research surveyed more than 1,000 consumers in 10 countries across the Middle East and South East Asia, including Indonesia, which is home to approximately 45 million account holders out of a total population around 240 million.
There is an increasing trend of customers with multiple banking relationships in Indonesia, with convenience and accessibility being the major factors for Indonesian consumers when deciding on their financial-services provider.
Although branch and ATM's are currently the most widely used channels in Indonesia, bank consumers have also increased usage of other, alternative, channels such as digital or mobile platforms to access their accounts.
Key findings of the research reveal that trust is high but consumer perception is modest at best, impacting on loyalty.
While over 75% of respondents in emerging markets in the Middle East and Southeast Asia trust their banks, less than half of respondents felt their banks understood their needs well enough. This is evident in the increasing trend toward multiple banking relationships, driven partly by growing demand for service personalization.
The research also reveals banks are not seen as the primary financial advisors. Consumers in Southeast Asia and the Middle East are almost twice as likely to turn to family for help in personal financial decision making.
Around 37 percent of respondents claimed to have little or no financial knowledge, presenting an opportunity for banks to educate and advise their customers better to deliver an improved client service and drive growth for their business.
Another revelation from the research was that banks are ignoring customer demand for an improved, integrated multichannel experience.
Around 95 percent of respondents in emerging markets in Southeast Asia and the Middle East still regularly visit their branch. When asked to select one or more reasons for doing so, 58 percent said they went primarily to get help and advice.
