RESEARCH REPORT

In brief

In brief

  • The Accenture Financial Services Consumer Journey Change Survey reveals that consumer preferences are impacting interactions with financial services.
  • Consumers are more comfortable adopting new technologies for day to day activities, including managing their financial services.
  • The first tech natives, millennials, demonstrate above-average rates of new technology and willingness to try new offerings.
  • Consumers’ experiences with big tech are leading them to view alternative tech-driven companies as future providers.


Consumers are more comfortable adopting new technologies for day to day activities, including managing their financial services.

Finding 1: Changes in demographics and values are influencing consumer motivations regarding financial services

New technologies are growing in usage for financial services.

32%

Mobile Payments (e.g. Venmo, Apple Pay, etc.)

31%

Video Chat (e.g. Facetime, Google hangout)

27%

Digital Voice Assistant (DVA) (e.g. Amazon Echo, Google Home)

19%

Chat Bots (e.g. online automated chat window)

Consumers are beginning to use DVAs for financial services

87%

Checking bank account/credit card balance

80%

Transferring money or paying bills

Finding 2: Changes in demographics and values are influencing consumer motivations regarding financial services

The first tech natives, Millennials (18-34 years), demonstrate above-average rates of new technology and willingness to try new offerings.

80%

Use Alternative Payments (Paypal, Venmo) vs 36% of older generations (34-75+)

57%

Digital Voice Assistant (Owners) vs 34% of older generations (34-75+)

57%

Mobile Wallet (Starbucks, Apple / Android Pay) vs 24% of older generations (34-75+)

Finding 3: Consumers’ experiences with big tech are defining their expectations of financial services companies and leading them to view alternative tech driven companies as future providers

56%

of banking consumers considering switching providers are interested in alternative players, such as Big Tech.

49%

of insurance consumers considering switching providers are interested in alternative players, such as Big Tech.

53%

of consumers considering switching providers are interested in alternative players, such as Big Tech.

Wherever your business falls as a consumer financial channel, Accenture can help to determine the right technology, talent, and company culture to become an agile, integrated financial services technology company of the future.

Robin Murdoch

Global Industry Managing Director – Software and Platforms


Christian Kelly

Managing Director – Accenture Strategy

MORE ON THIS TOPIC


Subscription Center
Stay in the Know with Our Newsletter Stay in the Know with Our Newsletter