PLANO, TX – April 19, 2016 – NTT DATA, Inc., a leading business and IT services provider, today released new market research revealing 47 percent of U.S. consumers would consider Target or Walmart as a banking alternative.
In January 2016, NTT DATA Consulting, the new industry-centric, business and technology consulting approach from NTT DATA, surveyed more than 1,000 U.S. consumers and more than 100 U.S. bankers to investigate core deposit system modernization efforts at leading U.S. banks and the rising threat of consumers looking for banking alternatives.
“Modernizing core deposit systems should be a top priority for banks in 2016. This effort will enable banks to satisfy rising consumer expectations, achieve a myriad of operational efficiencies and improve their time-to-market for innovation products.” said Peter Olynick, senior practice lead, Retail Banking, NTT DATA Consulting, Inc. “Antiquated legacy systems are hindering the banks’ ability to pursue growth opportunities and improve customer experience. Our study found one in three consumers would select a new bank if it could offer more innovative products with a user-friendly experience.”
Additional findings include:
“This study brought significant insight into the current and upcoming banking landscape in terms of technological solutions,” said Tom Mataconis, senior vice president, NTT DATA Consulting, Inc. “Among the findings, it was shown that 70 percent of bankers do not feel their processes can quickly adapt to the changing market landscape. To keep pace, NTT DATA Consulting recommends building a roadmap for a bi-modal approach, which will organize and guide banks through integration while modernizing core technology infrastructure.”
The complete report of NTT DATA Consulting’s research will be published in June 2016. To request a copy, please visit http://americas.nttdata.com/Services/Services/Consulting/research.aspx.
Follow us on Twitter @NTTDConsulting for updates related to this new research using the hashtag #NTTDBanking.
NTT DATA Consulting will be discussing this research at the 2016 CEB Financial Services Technology Summit on Wednesday, April 20, 2016 at 1:15 p.m. in Boston, MA.
NTT DATA Consulting takes an industry-centric approach to business and technology consulting. We seamlessly integrate business strategies and enabling technology to help clients accelerate business-driven transformation and compete in the digital world. NTT DATA Consulting has the unique ability to create end-to-end solutions by tapping the entirety of NTT DATA’s global technology and business process capabilities. In financial services, our 1,000-plus business consultants and 4,000 technology experts work with 25 of the leading financial institutions in North America. Visit www.nttdata.com/USconsulting to learn more.
NTT DATA is a leading business and IT services provider and global innovation partner with 80,000 professionals based in over 40 countries. NTT DATA emphasizes long-term commitment and combines global reach and local intimacy to provide premier professional services, including consulting, application services, business process and IT outsourcing, and cloud-based solutions. We’re part of NTT Group, one of the world’s largest technology services companies, generating more than $100 billion in annual revenues, and partner to 80% of the Fortune Global 100. Visit www.nttdata.com/americas to learn how our consultants, projects, managed services, and outsourcing engagements deliver value for a range of businesses and government agencies.