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SunGard, Celent reveal banks struggle to match customer expectations.

Research undertaken by Celent on behalf of SunGard, has found that banks in some of the world's fastest-growing emerging markets are struggling to keep up with changing customer expectations, particularly in multi-channel areas such as social media and mobility.

The research, which consisted of two surveys of more than 1,000 consumers and 100 banks in eight countries across the Middle East and South East Asia, investigated how prepared banks are to respond to the needs of their retail customers. The surveys covered:

Southeast Asia: Indonesia, Malaysia, Philippines, Thailand

Middle East: Kuwait, Qatar, Saudi Arabia, United Arab Emirates

Building on the research, Celent has developed the Bank Readiness Index (BRI) on behalf of SunGard, an online tool to help banks benchmark their ability to cater to customer expectations. The SunGard BRI uses 17 parameters and aggregates banks' capabilities across four metrics, including multi-channel and customer metrics.

Key findings:

Banks lag customer demand for a multichannel experience: Most consumers are prolific online and mobile users yet many of the surveyed banks do not offer a fully integrated multi-channel experience. Only 34 per cent of Southeast Asian banks and 17 per cent of Middle Eastern banks currently have tablet offerings and most mobile banking offerings are still basic. While 63 per cent of banks in Asia are now offering native apps (i.e. built for Android or iPhone) only 25 per cent are doing so in the Middle East.

Less than 40 per cent of banks offer personalized landing pages: While 88 per cent of banks surveyed offer online bill payment and 69 per cent P2P payment capability, just 39 per cent offer personalized landing pages or the ability for users to tailor content. Of the banks surveyed, only (31 per cent) integrate with shopping or discount programs and even fewer (27 per cent) offer personal financial management capability online.

Consumers are talking on Facebook, but banks are not "listening": 90 per cent of consumers surveyed use Facebook at least weekly, with approximately half of respondents confirming they would use it to share banking experiences. While 76 per cent of banks agree that innovation in mobility and digital technology is a key opportunity to personalize offerings only 21 per cent have a fully developed social media strategy and just 13 per cent believe they are using social media to its fullest potential. Only 38 per cent monitor social media.

Consumer enthusiasm towards their bank is modest at best: Less than

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:70MID
Date:Jun 25, 2012
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