In brief

In brief

  • 5,000 consumers in the United States and Canada were surveyed to find out what they want from their financial institution.
  • North America Banking consumers want it all—deals, discounts, convenience, relevance and experiences that combine digital banking and human interaction.
  • Five themes highlight opportunities for banks to build on consumer trust and the growing interest in broader value propositions.


Banks have major opportunities ahead

With so much competition in retail banking, banks must do more than attract customers. They must also deepen the relationships they have with them. But what do consumers expect from banks? And how can banks engage with consumers around the products, services and experiences they value the most?

As part of the 2019 Accenture Global Financial Services Consumer Study, we surveyed 47,000 consumers in 28 countries, including the responses of 5,000 banking and insurance consumers in the United States and Canada.

The North America study reveals that consumers expect banks to use their data to develop offerings that address their financial needs—and enhance their lives. The combination of consumer trust and growing interest in broader value propositions is an opportunity for banks. They just need to determine the best way to seize it.

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Theme 1: Banking on value

Consumers want more from banks than transaction processing. They are interested in integrated propositions that address core needs. Essentially holistic solutions that are convenient and reduce complexity for busy consumers. This requires an ecosystem of alliances, vendors and partner organizations—both inside and outside of financial services—each delivering a part of the integrated proposition.

42%

Consumers interested in a complete home-care package covering home insurance, financing, home repairs and utilities

34%

Consumers interested in an end-to-end home-buying service including finding a home, getting a mortgage, insurance and legal advice

Theme 2: Make my life easier with digital

Fully personalized digital experiences are another priority for consumers. This is not surprising considering how embedded digital technologies are in people’s everyday lives. Banks are well positioned to provide these services because they have a rich set of customer data to draw from.

Overdraft alerts

57% of consumers want alerts when they are close to overdrafting

Shopping offers

56% of consumers want offers based on where they shop most

Direct debit alerts

50% of consumers want alerts about upcoming direct debits

Savings tips

49% of consumers want savings tips based on spending patterns

Theme 3: Sharing data means protecting it

Data powers meaningful services like turnkey solutions and personalized digital experiences. The good news is that consumers will share personal information with their bank for something in return. To extract value from consumer data, banks need to excel at dynamic data management, drawing insights from the vast data they collect. Because data means nothing if banks cannot harness insights from it.

Lower prices

83% of consumers will share data for more savings

Faster, easier services

78% of consumers will share data for greater efficiency

Relevant advice

78% of consumers will share data for advice that fits their personal circumstances

Location-based services

72% of consumers will share data for personalized offers based on their current location

While they are willing to share data, consumers expect banks to protect it. In fact, concern over data security is the second most common reason—behind cost increases—that consumers say they would leave their bank.

Theme 4: The branch reinvented

There are more ways for consumers to interact with banks than ever. When asked what types of interactions they prefer, consumers’ top choices include a mix of physical and digital channels. A full 71 percent of consumers say they have positive experiences when they go to the branch. Banks can build on these interests and positive experiences, reinventing the physical branches as a network of “experience hubs” that integrate physical and digital services.

Online

93% of consumers prefer reading online content to interact with their bank

Face to face

66% of consumers favor face-to-face interaction with their bank

Physical/digital

50% of consumers want their banks to blend physical branches and digital services

Mobile phone

40% of consumers say their mobile phone is their principal device for interacting with their bank

Theme 5: Trust is a strong currency

Consumer trust is a strong foundation for banks to work from in extending the products, services and experiences they provide. For decades, regulators have forced banks to put safeguards in place that protect customers. Over time, these guardrails have created a consumer protection discipline in retail banking that has cultivated trust. Put simply, consumers trust their banks.

86%

Consumers trust their main bank to look after their data

80%

Consumers trust their main bank to look after their long-term financial well-being



Bruce Holley

Senior Managing Director – Financial Services, Customer Insight & Growth, North America

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