In these digital times, an understanding of customers' "Money Mindsets" can be the basis for development of new banking products and for alignment with customers' real needs.

Our research into customers' attitudes toward money revealed three key insights.

  1. Traditional banking is misaligned with today's consumers. Banks think about their products; people think about how they're treated. Banks think about how they can profit; people think about getting a rewarding deal. Banks think about economic value; people think about personal value.
  2. Long-established segmentation strategies are no longer useful. Consumers' decision-making processes are messy and complicated. Focusing on simple demographics like age, marital status and income don't reveal useful insight.
  3. It's time for fresh thinking. To design services of the future, banks must look at how people behave and what's important to them when dealing with their money.

People are changing. Banks need to look at them with fresh eyes, understand their new needs and desires, and be willing to change themselves.

33 percent of millennials believe they won't need a bank in the next five years.

Money modes

Accenture and Fjord conducted research into changing consumer attitudes and behaviors by asking three simple questions:

  1. When do you think about money?
  2. Where do you think about money?
  3. How hard do you think about money?

We saw four distinct behaviors around how people engage with their money:

Manage it

Making decisions on how and when to spend, and how and when to save

Track it

Keeping an eye on income and outgoings, savings pots and debts

Get it

Earning money through work, cash back deals and discount vouchers

Spend it

Using money to attain or maintain the desired lifestyle

View All

Money mindsets

Responses revealed four basic Money Mindsets.

Here's the differences in people's approach to saving and spending in a more meaningful way than traditional demographics:


Achievers - "I want to reach my goals"


Explorers - "I want to keep my future open"


Balancers - "I want to get the best value I can"


Experiencers - "I'm living for today"

An understanding of how these different personality types think about their finances can help banks develop services and products that become invaluable features of daily life.

Each money mindset presents banks with specific opportunities for product development.

These and other insights into money mindsets can help us to understand the relationship between people and money and the new role of the bank in digital times.


Achievers need tools that are more sophisticated than those banks currently offer. Banks have a golden opportunity to make Achievers into lifelong clients by helping them to reach their goals.


Balancers are savvy, and likely to invest time and effort finding out whether banks' services can improve their financial situation. Deal apps and budgeting tools help Balancers stay on top of their finances.


Experiencers "spend it" more than any other mindset. Money enables Experiencers and is meant to have immediate utility. Budgets? Effort? No thanks.


Explorers are unlikely to switch away from their bank, providing things tick along without much effort. They prize simplicity and more frequently used investment tools to check and manage their finances.

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