Consumers Demanding Service and Pricing Levels

by TMG

by 

In the past few years, the financial industry has gone through a series of events that have changed the way it does business — the implementation of the Durbin Amendment and Dodd-Frank legislation, the creation of the Consumer Financial Protection Bureau, and the influence of Bank Transfer Day… just to name a few.

Behind all of these events is one common denominator: The consumer. According to Ernst & Young’s 2012 Global Consumer Banking Survey, consumers are taking charge of their financial institution (FI) relationships and are influencing a great deal of change.

The survey found that today’s generation of FI customers expect to choose between a range of service levels and costs. The research also discovered consumers believe FIs need to adapt products and services to meet their changing needs, illustrating the importance of adopting a tailored, consumer-centric approach.

Here are few highlights from the Ernst & Young survey to which FIs may want to pay attention:

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