Meet the financial services personas

Financial services consumers are eager for personalized services: Custom pricing, bundled services, tailored offers, personalized recommendations. And the price they’re willing to pay? They’ll trade their data for personalization. This poses an opportunity—and a challenge—for banks and insurers. Who are these myriad financial services consumers, and how can offers be tailored to countless individual consumers?

Our 2019 Global Financial Services Consumer Study questioned banking and insurance consumers around the globe and found patterns. By noting similarities and differences, we identified four personas that characterize banking and insurance consumers.

Pioneers

These younger consumers (half are between 18 and 34) earn a good wage and are tech-savvy:

  • 87% rely on smartphone to conduct online transactions.
  • 75% are willing to take risks to improve their lives.
  • Trust their institutions, but 33% switched banks within past year nonetheless.

Pragmatists

This ubiquitous group is evenly distributed across ages and geographies:

  • They're channel agnostic; 77% say any channel will suffice, provided it delivers what they need.
  • More broadly satisfied with current providers.
  • They trust their providers, but 79% are alert and cautious about their data privacy.

Skeptics

This persona group is the largest, so the frustration and unhappiness they report is concerning:

  • Only 45% are content with providers most of the time.
  • Only 31% report a positive bank branch experience.
  • Less interested in integrated propositions; less than a third want to use new channels.

Traditionalists

This older group—66% are 55 or older—has not warmed to technology:

  • Value personal contact, but only 53% say providers have polite, knowledgeable staff.
  • 78% never used a mobile app or website to contact their bank.
  • Only group whose net level of trust in their providers as guardians of their financial well-being has fallen over the past year.

View the infographic

Personas can show us what’s similar among bank and insurance consumers. But knowing similarities is only half of the equation. Providers will need to understand how the personas differ.



The differences between personas highlight how traditional demographic segmentation, such as by age or wealth, can miss important nuances.

Piercarlo Gera

Senior Managing Director – Accenture Financial Services Customer Insight & Growth


Alan McIntyre

Senior Managing Director – Global Banking​​


Erik Sandquist

Managing Director, Global Lead – Insurance Customer Insight & Growth

MORE ON THIS TOPIC


Get The Essentials

Financial services consumers want personalized services from their providers. How can bankers and insurers serve a million markets of one? Our 2019 Global Financial Services Consumer Study personas and key findings provide insights that can help.

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20 minute read

Full report: Discover the patterns in personality

Who are banking and insurance consumers, and what do they value? View the full study for an in-depth look at the 2019 financial consumer personas.

VIEW FULL REPORT

5 minute read

Infographic: Meet the Financial Services personas

Are your financial consumers Pioneers, Pragmatists, Skeptics or Traditionalists? See our infographic for an illustration of each persona.

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View a summary

SlideShare: Report summary

10 minute read

Financial services consumers vary significantly based on how they value offers and services. Explore the similarities—and the differences.

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