In a presentation in London on 3 October 2018 Paul Stamper, Head of Financial Services at Ipsos MORI, examined the dramatic impact of new technology and thinking on how consumers and financial brands interact. We will explore how providers, both emerging and traditional, can build ‘emotional’ engagement with their customers in an environment increasingly dominated by digital interactions. The nature of customers’ interactions with their financial services providers has changed beyond recognition in recent years. From in-person in a branch, to call-centres, to the internet and now smartphones, exchanges have become increasingly tech-driven and less human-based. These changes have created new challenges for providers, including how to build and maintain strong relationships with their customers. In a sector where products are often quite commoditised, the ‘softer’ aspects of customer service and brand are where providers can really differentiate themselves – but how do you achieve a differentiated and engaging relationship with your customers in a digital world? While received wisdom has been that it is harder to build strong, emotional customer relationships through digital channels, FinTechs and challenger brands are doing just this; introducing digital-only offerings and attracting customers with innovative new engagement models. Whether this includes producing personalised ‘experiences’, putting the needs of end users first or finding key connection points, new brands are flourishing in this challenging marketplace. Which approaches will yield the best results and what are the FinTechs and the traditional players doing to ensure they’re relevant in this fast-moving area?

1. Ipsos MORI – Future of Research
CUSTOMER CONNECTION IN A DIGITAL AGE
THE FUTURE OF
FINANCIAL RELATIONSHIPS
Twitter: #FutureofResearch
WIFI Firmdale
Conference code: rikrak
PAUL STAMPER
HEAD OF FINANCIAL SERVICES

2. 2Ipsos MORI – Future of Research
Convenience
Flexibility
Emotional Engagement

3. 3Ipsos MORI – Future of Research
Credibility + Reliability
Self interest
TRUSTWORTHINESS =
Source: The Trusted Advisor, by David Maister
FUNCTIONAL AND EMOTIONAL
+ Intimacy

4. Ipsos MORI – Future of Research 4
Adults who use a
FinTech app
%
Source: Ipsos Tech Tracker Q2 2018 (All UK adults aged 15+ n=1009)

5. 5Ipsos MORI – Future of Research
1M(24 SEPT)
0.25M(16 APR)
0.5M(21 AUG)

6. Ipsos MORI – Future of Research 6
Yolt just works. I love the style and
the app is faultless. The aggregation
and classification of my spending is
personalised to a whole other level.
With the scan of my fingerprint, I can
see everything in one place and it
really feels like I have got myself a
PA!

7. Ipsos MORI – Future of Research 7
Cleo’s a much more interesting and
engaging way to interact with my
finances – I think about my money
much more because of it… Cleo is
regularly messaging me updates,
information I need and data on my
spending which help me keep track of
my money more easily. I enjoy how
individual to me and conversational
it is (like sending me GIFs), plus, it
empowers me to do more about my
spending.

8. Ipsos MORI – Future of Research 8
Monzo has completely changed the
way I think about banks… it’s
completely changed the way I deal
with my finances. I’m much more
empowered, and have a clear
understanding of where I’m
spending my money and adjust my
spending accordingly. Speaking to
the customer service guys… via a
chat is easier, personal and more
conversational than a scripted
phone call you get from the banks.

9. Ipsos MORI – Future of Research
WHAT CAN HELP BUILD
EMOTIONAL ENGAGEMENT?

10. 10Ipsos MORI – Future of Research
EIGHT IDEAS, TWO LENSES
Emotional
Engagement
Functional
Appeal

11. 11Ipsos MORI – Future of Research
EIGHT IDEAS, TWO LENSES
Relevance
Differentiation
Believability
Fairly treated
Valued
In Control

12. 12Ipsos MORI – Future of Research
TWO IDEAS CONSISTENTLY WELCOMED
N=750, fieldwork conducted online, 4-6 September 2018
Please rate each product idea on the extent to which it: meets your needs; is unique
and different; is believable. If your bank were to offer you a service like this, to what
extent would it make you feel: fairly treated; valued; in control of your finances
FUNCTIONAL
APPEAL
EMOTIONAL
ENGAGEMENT
ALERTS WITH
SUGGESTIONS
IN–APP
BANK ADVISOR
1st
2nd2nd
1st159
151

13. 13Ipsos MORI – Future of Research
TWO MISSED THE MARK
N=750, fieldwork conducted online, 4-6 September 2018
Please rate each product idea on the extent to which it: meets your needs; is unique
and different; is believable. If your bank were to offer you a service like this, to what
extent would it make you feel: fairly treated; valued; in control of your finances
FUNCTIONAL
APPEAL
EMOTIONAL
ENGAGEMENT
8th
5th7th
8th
VOICE BANKING
MEETINGS WHEN
YOU WANT
40
64

14. 14Ipsos MORI – Future of Research
THREE APPEALED TO YOUNGER CUSTOMERS
N=750, fieldwork conducted online, 4-6 September 2018
Please rate each product idea on the extent to which it: meets your needs; is unique
and different; is believable.
18-34 55+
43
79120
108
35-54
91
89
115 94 93
LEARNINGS FROM
THE CROWD
GOAL MANAGER
VIRTUAL BANKER
FUNCTIONAL APPEAL

15. 15Ipsos MORI – Future of Research
AND ONE TO OLDER CUSTOMERS
N=750, fieldwork conducted online, 4-6 September 2018
Please rate each product idea on the extent to which it: meets your needs; is
unique and different; is believable
DAILY UPDATE
MESSAGE
18-34 55+
13897
35-54
111
FUNCTIONAL APPEAL

16. Ipsos MORI – Future of Research
WHAT DOES THIS MEAN
FOR PROPOSITION DEVELOPMENT?

17. 17Ipsos MORI – Future of Research
YOUNGER CUSTOMERS WANT MORE HELP

18. 18Ipsos MORI – Future of Research
AI DIVIDES OPINION
‘New & Different’
&
‘Difficult to Believe’
VIRTUAL BANKER AI
FINEXTRA
30 August 2018

19. 19Ipsos MORI – Future of Research
PERSONALISATION NEEDS TO BE PERSONAL
Suggesting
books that I do
want to read…
…and study
guides I don't

20. 20Ipsos MORI – Future of Research
HUMAN BEINGS STILL ADD UNIQUE VALUE
Empathy Adaptability Judgment

21. 21Ipsos MORI – Future of Research
YOU.THANK