Many US consumers would provide more private information in exchange for a more personalised service, higher security against identity theft and greater simplicity in managing their finances. That's according to the recently released Cisco Customer Experience Report.

This was conducted in early 2013 and includes responses from 1,514 consumers and 405 bank professionals across 10 countries. Consumers identified the most important attributes when interacting with their financial institution or financial advisor as: availability (63 per cent), competence (65 per cent), and efficiency (68 per cent). They indicated a willingness to exchange more details about their financial habits and having banks be more active advisors in exchange for greater protection from identity theft (83 per cent), increased savings (80 per cent globally), personalised service (78 per cent), and greater simplicity (56 per cent) in managing their finances. Only 54 per cent expressed a desire for automated systems to provide financial advice or recommendations, while 59 per cent indicated that they would be comfortable with location-sensitive recommendations delivered to a mobile device.

Seventy one per cent said they were comfortable with the increasing use of virtual communications in addition to in-person financial conversations, with emerging economies slightly preferring on-demand access to expertise (48 per cent globally over speaking with a particular individual which was favored in developed economies (52 per cent).

Jorgen Ericsson, vice president, Global Financial Services Practice, Cisco Internet Business Solutions Group (IBSG), says: "The battle for the financial consumer has begun. Retail banks that succeed in providing a seamless customer experience across all channels to market- branch, mobile, online, contact centre- will be the winners of the future. Superior customer experience will be the only long-term sustainable differentiator."

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