Banking on Change: Consumers Drive Digital Charge in Financial Services
Fujitsu UK & Ireland
- More than a third of European consumers would move bank or insurer if they didn’t offer up-to-date technology to aid interaction
- Nearly a third are already embracing mobile payments, while a fifth are already using wearables and crypto-currency to pay
- Almost a fifth would buy banking or insurance services from challengers such as Google, Facebook and Amazon
Notes to editors
The study into the maturity of financial services across EMEIA was commissioned by Fujitsu and carried out by independent research company, Coleman Parkes Research, between November and December 2015. The study was split into two core activities:
- 7000 online consumer surveys were completed by a nationally representative sample of each population across UK, France, Benelux (Netherlands, Belgium and Luxembourg), Spain, Germany, Switzerland and Eastern Europe (Poland, Czech Republic and Slovenia) to understand consumer’s habits and their views and opinions towards current financial services.
- In-depth interviews with 45 senior business decision makers (C-Level, minus 1 and 2) of large enterprise firms in the finance sector (Retail Banks, Investment Banks, Insurance firms) across the same countries to gain further insights into this issue.
UK statistics of interest
- 73% online bank at least once a week, 60% visit self-service or an ATM; 25% visit a branch in the same period
- A higher than average uptake of both online banking (77%) and automated self-service (56%) predicted by UK consumers in five years’ time
- UK consumers are more willing [than the rest of Europe] for banking and insurance providers to use their personal data to offer new services including:
- Lowering mortgage premium (69%)
- Recommend relevant products or services (53%)
- Keep you informed or spending habits (50%)
- Amend your credit rating (44%)
- Help track and advise on your health and fitness and offer discounts on your insurance premium (38%)
- 36% would buy energy for their home from their bank or insurer, 32% personal data storage, 34% broadband, 32% mobile phone contract and 34% home telephone – all higher than the EU average
- 21% would buy banking services from disrupters such as Amazon, Google and Facebook, 23% would buy insurance services from them
- 39% would switch bank or insurer if they didn’t offer up-to-date technology
- 42% use contactless cards, 20% use mobile payment apps, 10% use wearables, 79% use online payment systems (e.g. PayPal)
- UK consumers use both Chip and PIN (56%) and contactless payments (17%) more than the average European on a weekly basis
- More than a third (35%) have never switched bank
Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 156,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.7 trillion yen (US$41 billion) for the fiscal year ended March 31, 2016. For more information, please see http://www.fujitsu.com.
About Fujitsu in the UK & Ireland
Fujitsu employs over 14,000 people in the UK & Ireland, with total revenues exceeding £1.8 billion. Offering an integrated product and service portfolio, we deliver consulting, applications, technology products, systems integration and managed services, including cloud-based solutions, for customers across both public and private sectors, including retail, financial services, telecoms, government, defence and consumer IT. For more information, please see http://uk.fujitsu.com.
Date: 04 May, 2016