Consumer Demand for Online Innovation on the Rise in Banking Sector

By Cablewireless Worldwide, PRNE
Wednesday, July 13, 2011

LONDON, July 14, 2011 -


Cable&Wireless Worldwide, the mission critical
communications provider, today releases a consumer
study[1] that finds banks are not
taking full advantage of their online banking platforms, despite
increasing customer engagement in the channel. Sixty percent of
consumers say that online banking has become the most valuable
factor to engagement over the past two years, ranking it higher in
value than banks’ trustworthiness and even their return on their
money in the bank.

Cable&Wireless Worldwide has long-term relationships with
most of the world’s leading banks and in the UK provides
communication solutions to eight out of 10 of the leading retail
banks. This includes integrated social media and online channels
with banks contact centre and branch environments, and also
connectivity to over 70% of contact centre agents with their
customers and 4,000 UK ATMs.

The research also finds that online channels typically deliver
only functional banking services, but that around half of customers
want banks to incorporate social and human aspects of customer
service - such as more personalised customer service and tailored
advice - into online banking.

Furthermore, banks use of new technologies such as mobile
technology, social networking and video conferencing has untapped
opportunity into their customer contact. Customers are not using
these newer communications channels for buying products, but rather
as channels for gleaning advice and information. Only 1% of
consumers, who have sought advice from banks in the last month,
have done so through video conferencing. Mobile phone applications
(1%) and social networking (1%) are of similarly low incidence.

Michele Metcalfe, Director of Banking & Financial Services
at Cable&Wireless Worldwide, says, “Consumers increasingly
prefer remote interaction, but also want good customer service,
greater trustworthiness and a fair level of engagement with the
banks. These findings suggest that financial institutions have an
opportunity to better meet customer preferences by investing in the
right online innovation.”

Notes to Editors

[1]All figures, unless
otherwise stated, are from YouGov Plc. Total sample size was 2,255

Fieldwork was undertaken in November 2010. The figures have been
weighted and are representative of all GB consumers (aged 16+).

33% of bank customers have been called Stressed Technologies
because they have busy lifestyles (professional full time jobs).
They find using technology easy and convenient and they use the
online system for both functional banking, problems solving and
buying new products. For them, social and human aspects of banking
(ie more personalised customer service, tailored advice and help)
delivered online would improve their satisfaction with banks.

22% are Stressed Complainers (like the Stressed Technologies but
by their nature they are hard to please and very demanding). These
adults still make heavy use of the online system but when problems
arise they switch to telephone contact. This group of adults
indicate a potential for enhancing the online system with greater
compliant handling capabilities.

About Cable&Wireless Worldwide

Cable&Wireless Worldwide (LSE: CW.) is a leading global
telecoms company providing a wide range of high-quality managed
voice, data, hosting and IP-based services and applications to
large multinational companies, governments, carrier customers and
resellers across the UK, Asia Pacific, India, Middle East &
Africa, Continental Europe and North America. Established in the
1860s, Cable&Wireless Worldwide helps more than 6,000
organisations deliver their goals. The Group’s vision is to be the
first choice for mission critical communications.

Reaching 20,500km in length, Cable&Wireless Worldwide owns
the UK’s largest fibre network dedicated to business users of
telecoms, and provides ubiquitous nationwide access through a
combination of fibre, digital, microwave, radio and leased
circuits. The network has presence in over 400 towns and cities in
the UK, with 864 unbundled exchanges covering 56% of the
population. Internationally, Cable&Wireless Worldwide’s global
next-generation network (NGN) stretches to more than 425,000km,
including interests in 60 global cable systems, enabling
connectivity to more than 150 countries. The Group’s IP-based
Multi-Service Platform operates at the core of our NGN, offering a
single environment on which voice and data applications can be
converged to drive business efficiencies. Cable&Wireless
Worldwide’s network is uniquely designed with inbuilt

With more than 6,000 colleagues globally, Cable&Wireless
Worldwide is committed to delivering exceptional customer service
and developing long term partnerships with its customers.

To find out more, please visit href="">

Further detail on the research findings can be found here
For a full copy of the research report, please contact Katie
, Head of UK PR, +44(0)7733-392-514, href="">


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