Digital changes the game in financial services
December 20, 2018
RESEARCH REPORT
In brief
In brief
- The Accenture Financial Services Consumer Journey Change Survey reveals that consumer preferences are impacting interactions with financial services.
- Consumers are more comfortable adopting new technologies for day to day activities, including managing their financial services.
- The first tech natives, millennials, demonstrate above-average rates of new technology and willingness to try new offerings.
- Consumers’ experiences with big tech are leading them to view alternative tech-driven companies as future providers.
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.
32%
Mobile Payments (e.g. Venmo, Apple Pay, etc.)
31%
Video Chat (e.g. Facetime, Google hangout)
27%
Digital Voice Assistant (DVA) (e.g. Amazon Echo, Google Home)
19%
Chat Bots (e.g. online automated chat window)
Consumers are beginning to use DVAs for financial services
87%
Checking bank account/credit card balance
80%
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.
80%
Use Alternative Payments (Paypal, Venmo) vs 36% of older generations (34-75+)
57%
Digital Voice Assistant (Owners) vs 34% of older generations (34-75+)
57%
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
56%
of banking consumers considering switching providers are interested in alternative players, such as Big Tech.
49%
of insurance consumers considering switching providers are interested in alternative players, such as Big Tech.
53%
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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