A head start for banks and insurers

Putting personas to work

Our 2019 Global Financial Services Consumer Study uncovered patterns among bank and insurance customers, who can be grouped into four personas: Pioneers, Pragmatists, Skeptics or Traditionalists.

These personas viewed themes such as integrated propositions, tailored offers, omnichannel services and trustworthiness through strikingly different lenses. But in nearly every case, a majority of consumers expressed willingness to share personal data for integrated propositions, tailored offers, and personalized promotions and pricing.

In response, banks and insurers can harness consumer data to deliver a hyper-relevant, highly convenient and trustworthy customer experience. Some will try to do this from scratch, struggling to build offers for “a million markets of one.”

Equipped with our four personas, providers can get a head start by pursuing five steps:

Serving the unique needs of every customer, with hyper relevance and hyper convenience, might seem daunting. But when banks and insurers find the patterns among their consumers, they can find their way toward offering trustworthy, omnipresent, personalized service.

About the research

We surveyed 47,000 respondents across 28 markets including Australia, Brazil, Canada, Chile, China (including mainland and Hong Kong), France, Germany, Indonesia, Italy, Japan, Netherlands, Singapore, Spain, Sweden, Thailand, the United Kingdom and the United States.

Respondents were consumers of banking and insurance; they were required to have a bank account and an insurance policy. Respondents covered multiple generations and income levels. The fieldwork for the survey was conducted during May and June, 2018.