FIS found that safety and security were among bank customers' top priorities, and banks were providing less than customers wanted.
"[S]afety and security are universal concerns. Delivering on those attributes therefore represents the price of basic entry for being in the banking business," the FIS report concluded.
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Transparency on pricing and fees was another problem for banks, the FIS report highlighted, giving weight to earlier research by accounting firm EY. A 2014 study by that firm found that "customers want financial institutions to be clearer about what they offer, the fees they are charging and how to avoid paying fees." It also found that consumers were willing to bring more business to their bank if they thought the bank could provide personalized, holistic advice.
A number of banks fell short on personalized banking in the FIS study as well, though smaller institutions fared relatively well. "[Smaller banks] are in the community with the customer and know them well, know the families well," Jabbour. "It's easier to customize solutions for them."
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A 2014 Harris poll found other advantages for smaller financial institutions: People indicated that the financial institutions they trusted most were local credit unions and community banks, and trust declined the bigger the banks got.