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Press Release -- July 13th, 2011
Source: Cable & Wireless Worldwide

Consumer demand for online innovation on the rise in banking sector

13 July 2011: Cable&Wireless Worldwide, the mission critical communications provider, today releases a consumer study1 that finds banks are not taking full advantage of their online banking platforms, despite increasing customer engagement in the channel. Sixty percent 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 in the bank.

Banking 20|20 chart

Cable&Wireless Worldwide has long-term relationships with most of the world’s leading banks and in the UK provides communication solutions to eight out of 10 of the leading retail banks. This includes integrated social media and online channels with banks contact centre and branch environments, and also connectivity to over 70% of contact centre agents with their customers and 4,000 UK ATMs.

The research also finds that online channels typically deliver only functional banking services, but that around half2 of customers want banks to incorporate social and human aspects of customer service – such as more personalised customer service and tailored advice – into online banking.

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 1% of consumers, who have sought advice from banks in the last month, have done so through video conferencing. Mobile phone applications (1%) and social networking (1%) are of similarly low incidence.

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.”


1All figures, unless otherwise stated, are from YouGov Plc
2All figures, unless otherwise stated, are from YouGov Plc:
33% of bank customers have been called Stressed Technologies because they have busy lifestyles (professional full time jobs). They find using technology easy and convenient and they use the online system for both functional banking, problems solving and buying new products. For them, social and human aspects of banking (ie more personalised customer service, tailored advice and help) delivered online would improve their satisfaction with banks. 22% are Stressed Complainers (like the Stressed Technologies but by their nature they are hard to please and very demanding). These adults still make heavy use of the online system but when problems arise they switch to telephone contact. This group of adults indicate a potential for enhancing the online system with greater compliant handling capabilities.


Cable&Wireless Worldwide:

Katie Dove
Head of UK PR
+44 (0)7733 392 514

Cable&Wireless Worldwide Press Office
+44 (0)1344 818 888


Further details on the research findings can be found here: Retail Banking & Financial Services

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,255 adults. Fieldwork was undertaken in November 2010. The figures have been weighted and are representative of all GB consumers (aged 16+).

About Cable&Wireless Worldwide

Cable&Wireless Worldwide (LSE: CW.) is one of the world’s leading mission critical communications providers, delivering a range of high quality managed voice, data and Internet Protocol (IP) based services and applications to large multinational companies, governments, carrier customers and resellers across the UK, Asia Pacific, India, Middle East & Africa, Continental Europe and North America.

Reaching 20,500km in length, Cable&Wireless Worldwide owns the UK’s largest fibre network dedicated to business users of telecoms, and provides ubiquitous nationwide access through a combination of fibre, digital, microwave, radio and leased circuits. The network has presence in over 400 towns and cities in the UK, with 804 unbundled exchanges covering 55% of the population.

Internationally, Cable&Wireless Worldwide’s global next-generation network (NGN) stretches to more than 500,000km, including interests in 69 global cable systems, and provides connectivity to 153 countries. The Group’s IP-based Multi-Service Platform, operates across the NGN, offering a single environment on which voice and data applications can be converged to drive business efficiencies. Cable&Wireless Worldwide’s network is uniquely designed with inbuilt resilience and the capability to re-route traffic in the event of failure of one or more paths, particularly at the international level.

With more than 6,200 colleagues globally, Cable&Wireless Worldwide is committed to delivering exceptional customer service and developing long term partnerships with its customers.

To find out more, visit

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