Banks are not taking full advantage of their online platforms, despite increasing customer engagement in the channel. Sixty per cent 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.

The research carried out by Cable&Wireless Worldwide also finds that online channels typically deliver only functional 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. 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 one per cent of consumers, who have sought advice from banks in the last month, have done so through video conferencing. The same applies to mobile phone applications and social networking.

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.”

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