Accenture’s new 2019 Global Financial Services Consumer Study – which aims to uncover consumer trends affecting banks and insurers and explore how customers want to engage through four different personas – reveals that consumers are willing to share their data in return for highly-personalised services.
The study surveyed 47,000 banking and insurance customers across 28 markets in Asia, Europe and North America and identified five key findings: that consumers want integrated propositions addressing their core needs; that more consumers desire a fully-personalised offering from their financial providers; that consumers are willing to share data in return for better advice and more attractive deals; that consumers want better integration across physical and digital channels; and that consumers’ trust in financial institutions is high and continually improving.
The study also splits the consumers into four different ‘personas’ based on their engagement with and perception of banks and insurers: Pioneers, including those who are tech-savvy and hungry for innovation; Pragmatists – those who are satisfied with the surface levels they receive, expect good value from good providers and are perhaps a little suspicious of personalisation; Skeptics, more than a third of whom are under 35 and are generally dissatisfied with financial providers; and Traditionalists, generally older (55+), value the human touch, tend to avoid tech and are losing trust in their providers.
The majority of consumers surveyed fell into the Skeptics category (33 per cent), while Pioneers and Pragmatists are on level footing (23 per cent) and Traditionalists make up 21 per cent of those surveyed.
In addition, Accenture’s study lists five ways in which the persona groups differ in terms of their attitudes and preferences – which it describes in further detail, highlighting how the industry can develop to adapt to these.
Read the full Accenture report here.