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Banking customers value personalised products and services, and recent research shows that the majority of people are willing to provide their bank with more information about themselves if they receive improvements in the suitability of products and services they are offered.

Do banks have enough information on their customers?

There may be a disconnection between banks and their customers when it comes to understanding customer intimacy. According to the Cisco 2013 Customer Experience Report, only 46% of US consumers feel their bank has enough information to offer them personal services, while 58% of US bankers feel they have enough personal information on their customers.

Are banks responding to customers' changing circumstances?

Research also shows that banks could improve keeping pace with their customers' changing needs. According to the Ernst & Young 2012 Global Banking Survey, only 44% of people said that their bank adapts the products and services it offers them as their financial needs change. If it meant that their bank recommended a more appropriate account or delivered a better service, 70% said they would be willing to provide their bank with more information about themselves and/or their family.

How often should banks touch base?

It seems there is also scope for banks to keep in touch more often. The Ernst & Young survey revealed that around a quarter of customers would be willing to provide their bank with personal information either once or twice a year, while only 6% prefer to only provide personal information at the start of their banking relationship.

What kind of advice do customers want?

Of the people surveyed in the Cisco report, 73% wanted advice to increase their savings, 67% requested more financial education, and 47% wanted an assessment of their financial status as compared to other clients.

How should banks offer advice?

Personalisation goes beyond successful product tailoring. In today's world, banks not only need to offer differentiated products and services, but let customers choose how they interact whether it be via technology or face-to-face. It appears that consumers are more and more comfortable communicating with their banker using technology; Cisco's research revealed that 63% of US consumers are comfortable using texting, email or video instead of face-to-face. Interestingly, the same research revealed that computers are preferred over smartphones for video; most US banking consumers (79%) prefer to use a laptop or desktop computer for video conversations with bankers, while only 21% favour a smartphone.

How should banks cater for self-service?

Customers want to play an active role in tailoring their products and services. Ernst & Young believes that banks need to target self-directed customers and encourage greater self-service through financial planning tools, demonstrations of "how people like you are investing," or ranges of product and pricing bundles.

Should banks charge extra for advice?

According to Ernst & Young, 63% of customers globally expect basic services to be included in a monthly standard fee. In terms of advice, a third of customers would be prepared to pay separately for advice on complex products. Furthermore, it appears that independent advice is even more highly valued, with 40% of people prepared to pay for advice on complex products if the advice is completely independent.