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FIS’ annual PACE Index: UK consumers expect more recognition, fairness and reliability from their banks

24/05/2016

LONDON and JACKSONVILLE, Fla, May 24, 2016 – According to an in-depth, global research study – the PACE Index – released today by FIS (NYSE: FIS), a global leader in financial services technology, British consumers identified fairness (lack of hidden fees), reliability (following through on promises) and recognition (reward for their loyalty) as three areas UK banks need to improve.

In order to win back consumers’ favour, the report concludes that banks need to better intersect with their customers’ financial lives. This means, among other things, introducing tools which help people look after their money better, issuing alerts when funds are running low and tracking of spending patterns. Consumers are overwhelmingly positive about such services and six times more likely to use an app from their bank than from another organization presenting an excellent opportunity.

Another opportunity for banks is in helping people become more financially savvy. The Index shows that 82 percent of bank customers have no form of financial advisor. Research suggests this is directly linked to what customers feel is their single biggest pain point – finding time to visit a branch. However, over a third of millennials showed interest in online financial coaching from their banks.

Martin Barber, managing director, EMEA, FIS, said: “Banks need to engage more with their customers using mobile services and apps. And the provision of personal financial management services is the perfect way to demonstrate value and provide tailored, useful services. Banks would do well to focus on younger consumers who are open to the idea, and who will become the profitable customers of the future.”

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