Our global study of nearly 33,000 financial services customers across 18 markets highlights significant shifts in what consumers expect from the sector:
Customers know data’s value and will trade it—for a return. They are willing to exchange personal data for new, customized benefits. Providers offering real value for data can earn increased trust and loyalty.
For many consumers, and especially Gen Y and Gen Z respondents, Google, Apple, Facebook and Amazon (collectively known as GAFA) are attractive alternatives to traditional financial providers.
Comfort with computer-generated support is growing, bolstered by lower costs, increased consistency and high reliability. Automated servicing can be the sole source of data for some customers, even when making more complex decisions around products.
Generic product advice and services support will not do for today’s financial services customers. They expect their data to be leveraged into personalized advice and benefits, tailored to their life stage, financial goals and personal needs.
Most customers are less and less likely to care about which channel they use to communicate with their financial services provider. Their primary concern is quick and easy access.
Financial providers used to control the customer relationship, but now consumers do. Retail financial services has shifted, from “business-to-consumer” (B2C) to “consumer-to-business” (C2B).
Since customers are ready and willing to exchange their data, financial providers can capitalize. Solid identity security practices build a baseline of trust, from which firms can explore data monetization opportunities.
Financial providers should expand their interactions with consumers. They should seek to integrate their services onto third-party platforms—such as GAFA—to achieve this, or even to become “curators” of their own platforms that offer broader benefits to their customers across an integrated digital ecosystem.
In a data-driven enterprise, financial providers can offer personalized products. By using advanced analytics, they can match customers’ life stage or immediate financial needs with tailored, curated services.
Digital transformation is essential, but financial firms can’t stop there. They need a proposition that goes beyond digital, meeting the nuanced needs of customer factions.
With the rise of omni-channel, cross-channel functionality is essential for financial customers—who may begin a transaction on one device and finish on another. Seamlessness is key—customers focus on the interaction, not the channel.
A deeper dive into our research identified three groups of consumers, each with its own different set of behaviors and preferences for engaging with financial providers.
The 33,000 consumers responding to our survey demonstrated markedly different needs and priorities. We identified three distinct personas. Meet your new customers:
This digitally active group is ready for new delivery models. They are willing to share their data in exchange for personalized services. Nomads are comfortable with computer-generated support and with receiving services from non-traditional providers.
These consumers search for the best price. They want to buy financial services from traditional providers and, while they operate well in a digital environment, they also place value on one-on-one engagement.
These loyal customers value brand integrity and service excellence, and will work with providers who put customers' interests first. Price is less important than elements such as data protection and responsive service.
Prevalence by Market:
The populations for these three personas varies by market. See which personas dominate in various locales.
Global Managing Director,
FS Distribution & Marketing
Piercarlo is Accenture’s global lead for its Financial Services Distribution & Marketing practice, which covers work in distribution channels (such as branch, mobile, web and social media) and marketing (such as big data, analytics and CRM).
FS Distribution & Marketing, Global Insurance Lead
Erik helps clients reinvent their business and operating models through transformational change programs. His specialties include insurance distribution, sales, agent effectiveness, customer centricity, marketing, underwriting, policy administration and post-merger integration.
FS Distribution & Marketing, Iberia & Global Banking Lead
Miguel works with clients in Europe, Latin America and Africa in large transformation programs related to business intelligence, CRM, customer experience, omnichannel distribution strategies and new business models.