Persona differences across five key themes
Banking and insurance consumers share enough common ground to be grouped into four personas, as identified by our 2019 Global Financial Services Consumer Study. Whether they are Pioneers, Pragmatists, Skeptics or Traditionalists, financial services consumers' viewpoints clustered around several themes.
But when it comes to these themes, what consumers value, and how they value it, changes significantly depending on the persona. Knowing the similarities among bank and insurance consumers is not enough. Providers will also need to know the differences, particularly across these findings:
Appetite for integrated propositions addressing core needs
Personas vary when it comes to integrated propositions, in which financial providers team with non-financial vendors to bundle relevant services into a "one-stop-shop," such as a property-buying solution that bundles a mortgage, insurance coverage, security equipment and an additional loan for furnishings. Pioneers and Pragmatists are more in favor of these—with Pioneers most willing to pay.
Appetite for personalization of services
Consumers want tailored, customized offers. But their interest in personalization varies significantly by persona. In general, Pioneers and Pragmatists lead the way in wanting personalized offers.
Willingness to share data for reciprocal benefits
Data is the cost of personalization and financial services customers across personas are willing to pay that price.
Integration between physical and digital channels
More than half of financial services consumers (59 percent) want a true omnichannel banking experience—in which they can switch seamlessly between physical and digital channels.
The role played by trust
The good news: Trust in banks and insurers is high. However, it is lowest among Skeptics, who also show the least satisfaction with their branch experience.
Our personas and key findings provide banks and insurers a starting point—a road map that can help financial services providers meet every consumer's unique needs. Learn about the action steps our report recommends.