Consumers see their banks as more of a stressful utility, rather than a financial advisor.
According to the Future of Money report released by Cognizant, banks are not proactive with the financial needs of their consumers; 90% of consumers surveyed stated that they primarily deal with their bank for simple transactions only.
“Simple transactions” exclude any discussion around financial health, including insurance coverage or retirement savings, according to the report, which surveyed about 3,000 consumers in the United States and the United Kingdom.
