Hello You: UK Financial Services Customer Survey

Blend the digital and physical experience to improve customer interaction

Our 2018 UK Financial Services Customer Survey found that:

• Human touch is still very important to customers—especially for the “moments that matter” in their lives, when they crave advice and reassurance
• Digitised experiences need to be frictionless and personalised. Lack of personalisation is the main driver for switching financial services providers.
• Channel use is changing. In-branch and cash-machine transactions are down. Mobile interactions have remained steady—but customers who use mobile channels are doing so more frequently.
• Young people are demanding digital options. Generation Z and Millennial customers want to interact with financial services providers using natural language and instant messaging-type digital channels.
• Data is a sensitive issue. Despite rising trust in the financial services sector and the potential benefits they would receive, customers are still reluctant to part with personal data.
• The more relevant the offering, the better. Customers want financial services providers to anticipate their needs and provide timely, hyper-relevant information and recommendations.

Four actions

Based on these survey findings, we've identified four actions that insurance companies and banks should take to reintroduce the human touch into their customer conversations and relationships:

• Personalise to reverse disengagement
• Blend physical and digital for a frictionless experience
• Use data to create an integrated end-to-end approach
• Know where you are in the customer conversation

Financial services companies need to bring a human touch back to their customer relationships.