Global study shows consumer support for bank branches offering insurance

A new study from Cisco indicates 65% of respondents globally would favour bank branches offering an expanded portfolio of financial and advisory services, including insurance.

The Cisco Internet Business Solutions Group (IBSG) Omnichannel Study: Winning Strategies for Omni-Channel Banking surveyed 5,300 consumers in both developed and emerging countries, including Canada, France, Germany, United States, United Kingdom, Brazil, China and Mexico.

The suggestion to have bank branches offer an expanded portfolio — including financial education, legal accounting, tax and insurance — had more appeal in emerging countries than in developed countries. The expansion was supported by 56% in developed countries and 81% in emerging countries.

Overall, the Cisco statement notes, “the study shows consumers want banks to deliver financial advice and banking services through both virtual and physical channels, ushering in a new era of omnichannel banking.”

The study can be accessed here [PDF]:

http://www.cisco.com/web/about/ac79/docs/Cisco-IBSG-Omnichannel-Study.pdf