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Introduction

How can financial providers respond
to the needs of a changing customer?

Our global study of nearly 33,000 financial services customers across 18 markets highlights significant shifts in what consumers expect from the sector:

Data as a currency

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.

Gafa model appeals

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.

AUTOMATED SERVICING

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.

Personalization

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.

Channel agnostic

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.

Mapping the trends

Insurance 57% Investment Advice 67% Banking 67% USA 73% Canada 65% Australia 63% Brazil 8 3% Chile 74% Singapore 67% Thailand 85% Hong Kong 66% Japan 54% Nordics 65% Ireland 58% UK 64% Italy 73% France 59% Benelux 60% Spain 68% Germany 58% Indonesia 87% 67% would share more data with banks in return for new benefits 67% Canada 7 7 % Thailand 7 6% Japan 6 6% Nordics 59% Ireland 6 6% Germany 5 8% Italy 5 9% Benelux 5 6% Spain 6 9% France 64% USA 7 9 % Indonesia 7 9 % Hong Kong 54% UK 6 8% Australia 7 3 % Singapore 6 8% Chile 5 9 % Brazil 6 9 % 67% 67% would share more data with investment advisors in return for new benefits Brazil 6 8% Canada 5 5 % USA 6 6 % Australia 5 2 % Singapore 5 7 % Thailand 6 8% Hong Kong 5 6% Japan 54 % Nordics 5 8% Benelux 5 2% Italy 6 1 % Spain 5 3 % France 49% Germany 52 % UK 5 1 % Ireland 5 0% Indonesia 7 0 % Chile 48 % 57% 57% would share more data with insurers in return for new benefits Banking 40% Investment Advice 46% Insurance 36% Brazil 60% Nordics 25% USA 50% Chile 41% Australia 38% Singapore 36% Indonesia 54% Thailand 51% Hong Kong 33% Japan 21% Benelux 29% Italy 52% Spain 45% France 29% Germany 40% UK 45% Ireland 40% Canada 14% 40% 40% of Gen Y respondents would consider banking with Google or Amazon. USA 45% Canada 13% Chile 33% Benelux 27% Italy 47% Spain 40% France 26% Germany 29% UK 46% Ireland 42% Nordics 21% Singapore 34% Indonesia 38% Australia 36% Thailand 40% Hong Kong 29% Brazil 56% Japan 18% 36% 36% of Gen Y respondents would consider buying insurance from from an online service provider, such as Google or Amazon Brazil 56% USA 59% Chile 42% Indonesia 48% Australia 53% Singapore 38% Thailand 50% Hong Kong 40% Japan 43% Benelux 41% Italy 46% Spain 43% France 48% Germany 36% UK 49% Ireland 40% Nordics 37% Canada 16% 46% 46% of Gen Y would purchase investment advisory services from Google or Amazon Banking 71% Investment Advice 78% Insurance 74% USA 72% Brazil 83% Chile 82% Benelux 65% Italy 79% Spain 78% France 67% Germany 60% UK 68% Ireland 66% Nordic 65% Australia 60% Singapore 79% Thailand 87% Hong Kong 77% Canada 59% Indonesia 90% Japan 60% Banking 71% 71% would use entirely computer-generated support for banking USA 79% Brazil 89% Chile 85% Benelux 65% Italy 84% Spain 79% France 76% Germany 61% UK 74% Ireland 60% Nordics 74% Australia 66% Singapore 84% Thailand 94% Hong Kong 81% Japan 76% Indonesia 95% Canada 52% Investment Advice 78% 78% would use entirely computer-generated support for investments USA 74% Canada 63% Brazil 87% Chile 86% Benelux 67% Italy 81% Spain 80% France 69% UK 71% Ireland 69% Nordics 69% Australia 64% Singapore 80% Thailand 88% Hong Kong 78% Japan 66% Indonesia 91% Germany 61% Insurance 74% 74% would use entirely computer-generated support for purchasing insurance Banking 63% Investment Advice 73% Insurance 64% USA 67% Canada 64% Chile 76% Benelux 51% Italy 67% Spain 68% France 68% Germany 57% UK 62% Ireland 64% Nordics 58% Australia 62% Indonesia 67% Singapore 70% Thailand 60% Hong Kong 57% Japan 46% Brazil 80% Banking 63% 63% say sharing data should deliver personalized product and services advice (banking) USA 84% Brazil 84% Chile 74% Japan 66% Australia 67% Indonesia 77% Singapore 74% Thailand 74% Hong Kong 61% Nordics 65% Germany 64% Ireland 71% Italy 73% UK 69% Spain 73% France 70% Canada 87% Benelux 53% Investment Advice 73% 73% say sharing data should deliver personalized product and services advice (Investment Advice) USA 69% Canada 70% Chile 75% Japan 53% Australia 64% Indonesia 69% Singapore 72% Thailand 64% Hong Kong 59% Nordics 58% Italy 67% Spain 69% Ireland 69% France 68% Germany 57% UK 62% Brazil 78% Benelux 51% Insurance 64 % 64% say sharing data should deliver personalized product and services advice (insurance) Banking 57% Insurance 57% Investment Advice 59% USA 61% Canada 57% Chile 64% Benelux 52% Italy 59% Spain 54% France 60% Germany 50% UK 59% Ireland 57% Nordics 50% Australia 58% Indonesia 66% Singapore 63% Thailand 71% Hong Kong 46% Japan 37% Brazil 74% Banking 57% 57% don’t mind which channel they use to communicate with their bank USA 61% Canada 57% Chile 64% Japan 37% Australia 58% Indonesia 66% Singapore 63% Thailand 71% Hong Kong 46% Nordics 50% Italy 59% Spain 54% Ireland 57% France 60% Germany 50% UK 59% Brazil 74% Benelux 52% Insurance 57 % 57% don’t mind which channel they use to communicate with their insurer USA 66% Brazil 74% Chile 60% Japan 47% Australia 59% Indonesia 68% Singapore 62% Thailand 75% Hong Kong 44% Nordics 50% Germany 52% Ireland 50% Italy 55% UK 59% Spain 51% France 60% Canada 60% Benelux 45% Investment Advice 59% 59% don’t mind which channel they use to communicate with their investment advisor

Implications

What do these findings imply for financial services providers?

Take a closer look

Click here to download the full article. Transforming Distribution Models for the Evolving Consumer. This opens a new window.

The Financial Services report examines the global trends and considers what they will mean for this fast-evolving market.

DOWNLOAD THE REPORT

Behind the top-line trends:
Three distinct groups emerge

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.

Consumer Personas

The new financial consumer:
One of three

The 33,000 consumers responding to our survey demonstrated markedly different needs and priorities. We identified three distinct personas. Meet your new customers:

The Nomads

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.

The Hunters

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.

The Quality Seekers

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.

Nomads
Hunters
Quality Seekers

Note: due to rounding, totals may not equal 100%

A CLOSER LOOK AT THE NEW CONSUMERS

Learn more about persona preferences in each financial service

Banking

Insurance

Investment Advice

MEET OUR LEADERS

Piercarlo Gera

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).

Erik J. Sandquist

Managing Director,
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.

Miguel Montañez

Managing Director,
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.