CHICAGO (11/14/14)--If credit unions ever doubt their commitments to personalized digital service, getting to know their members or helping members reach financial goals, they should look no further than a recent study from Cisco, which reaffirms that consumers, and particularly millennials, want these exact services in their financial institutions.
The global study, which polled more than 7,000 consumers across 12 countries, found that 65% of all U.S. respondents would switch financial institutions if their needs in terms of personal digital services weren't being met.
Of the 603 U.S. consumers polled, 41% of Generation X consumers, or those between the ages of 35 and 54, and 36% of baby boomers--between the ages of 55 and 64--said their bank does not understand their needs.
Further, 43% said their bank does not know them and, consequently, cannot deliver personalized service. And nearly a third of consumers plan to find a new financial institution because they feel their current institution is not helping them reach their most important financial goals.
"The research findings indicate that it isn't only millennials and Generation Y that respond to technology offerings from financial institutions," said Cisco in a press release. "Consumers from all age groups affirmed their desire for technology that opens the opportunity for personalized anytime, anywhere service in their banking relationships."
The study also uncovered the specific types of digital services consumers are looking for in their financial institutions, including: