DISCOVER THEPATTERNS INPERSONALITYExplore our latest research and uncover the consumer trends affecting banks and insurers today. Find out how customers want to engage with you through our four powerful personas. 2019 Accenture Global Financial Services Consumer StudyContentsOverviewCustomer personas Pioneers Pragmatists Skeptics TraditionalistsCustomer attitudes and preferences Appetite for integrated propositions addressing core needs Appetite for personalization of services Willingness to share data for reciprocal benefits Integration between physical and digital channels The role played by trustRecommendationsAbout the research368 11 14 172122 28 32 38 454853#FSConsumerStudyFinancial Services customers are more willing than ever to share data—provided that data sharing powers integrated propositions and offers that are tailored to their needs.The pressure is on for banks and insurers to provide highly personalized services, but how can they accommodate a million markets of one? By finding the patterns that bring customers together.In 2018 we surveyed 47,000 banking and insurance customers across 28 markets in Asia-Pacific, Europe, Latin America, Middle East and Africa, and North America. Through this survey, which builds on our first biennial study in 2017 and is one of the largest of its kind, we sought to understand what these consumers value, what differentiates them and how they want to engage with financial providers.What brings customers together sets them apart2019 Accenture Global Financial Services Consumer Study3#FSConsumerStudyOVERVIEWConsumers want integrated propositions addressing core needs.Our research reveals that around half of consumers expect financial providers to offer propositions addressing core needs, and not only traditional financial services.These propositions typically focus on a particular customer need, such as a complete “mobility proposition” for car buyers that includes different financing, renting and reselling options, as well as access to insurance, maintenance and ancillary services.Our study identified several patterns among consumers, which we distilled into five key findings:1.Other examples include a property-buying solution encompassing a mortgage, home insurance coverage and an additional loan for furnishings and a health proposition that provides wearable devices, points-based rewards for healthy behavior, or access to wellness services.4#FSConsumerStudy2019 Accenture Global Financial Services Consumer StudyOVERVIEWConsumers increasingly want a fully personalized offering from their financial providers.One in two consumers indicated an interest in personalized financial advice from banks that is shaped by their personal circumstances—including analysis of spending habits and advice on how to manage money—while 64 percent are interested in insurance premiums that are tied to behavior (such as driving safely). Consumers are willing to share data with their providers in return for better advice and more attractive deals.For example, they are interested in offers and perks based on where they shop most often and priority services such as a fast-track insurance claims settlement.4.2.5.3.Consumers want better integration across physical and digital channels.More than half of all our survey respondents expressed an appetite for a true omnichannel banking experience that would allow them to switch seamlessly between physical and digital channels.Consumers’ trust in financial institutions is high and increasing.Consumers are likely to say that they trust their banks and insurers more than they did 12 months ago. To maintain this trust, particularly when holding customers’ personal data, providers should demonstrate robust security measures while delivering value-adding insight and personalized services.5#FSConsumerStudy2019 Accenture Global Financial Services Consumer StudyOVERVIEWYou can’t spell personal without personaTo engage customers with personalized services —and see each customer as an individual—banks and insurers should first recognize their customers’ similarities.The consumers in our survey can be divided into four broad personas based on how they perceive and engage with banks and insurers. The differences between these personas are striking, and highlight how traditional demographic segmentation, such as by age or wealth, can miss important nuances of how consumers view their financial providers.2019 Accenture Global Financial Services Consumer Study6#FSConsumerStudyCUSTOMER PERSONASPioneers:Risk takers, tech-savvy and hungry for innovationTech-savvy and keen to engage with financial providers using mobile devices, Pioneers are hungry for innovation in services and channels. They account for 23 percent of respondents.Skeptics:Tech-wary, dissatisfied and alienatedSkeptics are the largest group, accounting for 33 percent of the sample, yet their dissatisfaction with financial providers means they are a challenging persona to engage. More than a third are ...
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