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.
Mobile Payments (e.g. Venmo, Apple Pay, etc.)
Video Chat (e.g. Facetime, Google hangout)
Digital Voice Assistant (DVA) (e.g. Amazon Echo, Google Home)
Chat Bots (e.g. online automated chat window)
Consumers are beginning to use DVAs for financial services
Checking bank account/credit card balance
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.
Use Alternative Payments (Paypal, Venmo) vs 36% of older generations (34-75+)
Digital Voice Assistant (Owners) vs 34% of older generations (34-75+)
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
of banking consumers considering switching providers are interested in alternative players, such as Big Tech.
of insurance consumers considering switching providers are interested in alternative players, such as Big Tech.
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.
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