As we discussed in the first blog in this series, Accenture has released the results of a large global survey of nearly 33,000 consumers of banking, insurance and investment advice services.

We identified five key trends that characterize these consumers and their rapidly changing expectations regarding the firms with which they do business.  These are:

We identified five key trends that characterize these consumers and their rapidly changing expectations regarding the firms with which they do business.  These are:

  1.       Data as a currency. Consumers are willing to share their personal data with financial providers, but they want something in return. Today’s consumers understand the value of their data, and they expect those providers to whom they entrust it to deliver added benefits, such as a priority service, pricing benefits, or more personalized product, service or non-regulated financial advice.
  2.       Younger consumers drawn to GAFA model.  For many consumers—especially Gen Y and Gen Z respondents— Google, Apple, Facebook and Amazon (collectively known as GAFA) are attractive alternatives to traditional financial providers. For example, 40% of Gen Y respondents would consider banking with Google or Amazon. This is even higher in markets such as the United States, where 50% would be willing to make this switch.
  3.       Open to automated servicing. A very high number of respondents are open to a purely automated service and support experience, even when making more complex decisions around product choices. 71% would use entirely computer-generated support for banking services. Improved speed and convenience is the main reason consumers will turn to automated servicing.
  4.       Personalization. Tailored advice related to product selection and asset allocation are key to a successful relationship between customers and their financial providers. Individuals increasingly expect interactions to be personalized and relevant to their financial needs and objectives.
  5.       Channel agnostic. Most customers say they are less and less likely to care about which channel they use to communicate with their bank, insurer or investment advisor. Their primary concern is that they can get what they need quickly and easily.

 

In the next blog in this series, we will look at three distinct consumer personas that emerged within our research findings, each with specific characteristics linked to what they value most from their financial providers.

See how these five trends map to consumer responses across banking, insurance, and investment advice, organized by 18 markets.

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