Computerwoche, Germany: Cognizant Business Consulting’s Vice President Says Banks Need to Focus on Long-Term Financial Planning Built Around Relationships of Trust

“It is clear that there are still some areas that require relationships because of the intimate, complex, and deeply human issues at the heart of all money questions,” says Michael Rundshagen. “Digital can support these relationships and improve these interactions and in some cases provide better service for customers.” Excerpts:

“More and more, bank customers view the relationship with their bank as being a purely transactional one.

As traditional banks have cut back on staff in branches and even closed some, shifting their focus to digital channels, customers too have changed the way they view and engage with their banks.

In a recent study by Cognizant and ReD Associates into people’s relationship with money in Germany, the UK and the USA, 90% of people surveyed described their relationship with their bank as almost entirely transactional.

To capitalize on digital opportunities, banks will need to combine traditional transaction-based relationships with the potential of technology enabled mass personalization, and create personalized, integrated services for their customers.”

To read the article in German, click here.