Discover the Patterns in Personality

DISCOVERTHE
PATTERNSIN
PERSONALITY
2019 Accenture Global Financial Services Consumer Study
Readtheconsumertrendsaffecting
banksandinsurersandexplorehow
customerswantto engagethrough
our fourpersonas

The pressure is on for banks and insurers
to provide highly personalized services,
but how can they accommodate
a million markets of one?
Today’s financial
services consumers are
willing to share their data—
but want more in return.
Copyright © 2019 Accenture. All rights reserved. 2

Our 2019 Global Financial Services
Consumer Study sought to answer
that question, surveying 47,000
banking and insurance customers
across 28 markets in Asia,
Europe and North America.

Through this
survey, we sought
to understand
what these
consumers value,
what differentiates
them and how they
want to engage with
financial providers.

We identified several patterns among consumers,
which we distilled into five key findings:
1.
2.
3.
4.
5.Consumers
want integrated
propositions
addressing
core needs
Consumers
increasingly want
a fully personalized
offering from their
financial providers
Consumers are
willing to share data
with their providers
in return for better
advice and more
attractive deals
Consumers want
better integration
across physical and
digital channels
Consumers’
trust in financial
institutions is high
and increasing

The consumers in our
survey can be segmented
into four broad personas
based on how they
perceive and engage
with banks and insurers.
Financial services
consumer personas

Meet the personas
Pragmatists:
Ubiquitous, trusting
and channel agnostic
Also making up 23 percent
of the sample, Pragmatists
see technology as a means
to an end rather than as a
lifelong passion. They are
satisfied with the service
levels they receive and
they expect good value
from providers. They are
interested in (though
a little suspicious of)
personalization.
Pioneers:
Risk takers, tech-
savvy and hungry
for innovation
Tech-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.
Traditionalists:
Value human touch,
tech-avoiders and
losing trust
Generally older (55+)
than the other personas,
Traditionalists show low
levels of engagement and
satisfaction with their
financial services providers.
They are the smallest group
from our consumer survey,
comprising 21 percent
of respondents.
Skeptics:
Tech-wary, dissatisfied
and alienated
Skeptics 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 under 35,
making them a long-term
opportunity for providers
if they can be targeted.

Pioneers : 23%
Risk takers, tech-savvy
and hungry for innovation
Young 50% are between 18 and 34.
Tech-savvy 87% say smartphone is
principal device for
transacting online.
Open to risk Three in four are willing
to take risks to improve
their lives.
Hungry
for innovation
73% want to explore
new channels such
as wearable devices.
Inspired by the
new
80% are interested in
integrated propositions from
financial providers and non-
financial vendors.
Pragmatists: 23%
Ubiquitous, trusting
and channel agnostic
Everywhere Most evenly distributed
persona group across age
groups and geographies.
Channel
agnostic
77% don’t mind which
channel they use if they
get what they need.
Open to
advice
95% say they trust
their human advisors in
their bank branch on loan
or mortgage advice.
Data
conscious
79% are alert and cautious
about their data privacy.
Trusting Trust bank to look after
financial well-being and
insurer to protect data.

Skeptics: 33%
Tech-wary, dissatisfied
and alienated
Risk-averse Only 42% say they take
risks to improve life.
Tech-wary Only 57% describe themselves
as confident users of technology.
Frustrated Feel let down in terms
of customer service.
Difficult to
convince
Low interest in integrated
propositions around core needs.
Dissatisfied Only 31% have a positive
experience when they visit
their bank branch.
Traditionalists: 21%
Value human touch, tech-avoiders
and losing trust
Mature 66% are 55 and older.
Tech-avoiders 78% never use a mobile
app or website to contact
their bank.
Responsive
to human touch
Value personal contact
with knowledgeable staff.
Feeling let down Only 53% say providers
deliver well on their priority
of polite, knowledgeable staff.
Losing trust 13% trust their banks and
insurance providers less
than a year ago.

Seesimilarityto
understanddifference
There are five key findings where our
persona groups differ in terms of their
attitudes and preferences in relation to
financial services:
1. Appetite for integrated propositions
addressing core needs
2. Appetite for personalization of services
3. Willingness to share data for reciprocal benefits
4. Integration between physical and digital channels
5. The role played by trust

Appetiteforintegrated
propositions
CUSTOMER ATTITUDES AND PREFERENCES
1
Integrated propositions combine products
and services from financial providers and
non-financial service vendors, giving
customers a “one-stop-shop” to address
core needs.

Interested Willing to pay
Interested in integrated propositions overall
Car-care propositions
including insurance, car loans,
remote monitoring of
performance, regular
maintenance checks,
and advice and/or lessons
on how to drive more safely
Home-care propositions
covering home insurance,
financing, a service to cover
essential home repairs, and
all home utilities
Willing to pay
CUSTOMER ATTITUDES AND PREFERENCES:
1. APPETITEFOR INTEGRATED PROPOSITIONS
64% 40% 26% 10%
Interested
82% 61% 45% 22%
Willing to pay
63% 36% 21% 6%
Interested
82% 60% 43% 18%
80%
57%
43%
20%
60%
32%
21%
7%
Around half of consumers expect financial providers to offer propositions addressing core needs
(with significant variations by persona). 60% of Pioneers are prepared to pay for these propositions.
Skeptics
Pragmatists
Pioneers
Traditionalists

Become key players in ecosystems
that deliver integrated propositions
around a customer need.
Whatdoesthis
meanforfinancial
providers?
1. APPETITEFOR INTEGRATED PROPOSITIONS

Appetitefor
personalization ofservices
2
Consumers want tailored, customized
offers from banks and insurers. But their
interest in personalization varies
significantly by persona.

Interested in insurance
models linked to lifestyle
and behavior, such as
car insurance linked
to driving habits
Interested in
savings tips based
on spending patterns
2. APPETITE FOR PERSONALIZATION OF SERVICES
79% 75% 54% 53% 85% 70% 50% 21%
Consumers, especially Pioneers and Pragmatists,
have a strong appetite for greater personalization.
Skeptics
Pragmatists
Pioneers
Traditionalists

Actively target customers
interested in personalized
services with experiences that
strengthen their brand values
at every touchpoint.
Whatdoesthis
meanforfinancial
providers?
2. APPETITE FOR PERSONALIZATION OF SERVICES

Willingness tosharedata
forreciprocalbenefits
3
Truly personalized financial
services are powered by data.
Customers understand this and are prepared
to hand over more personal information in
return for a more tailored service.

3. WILLINGNESS TO SHARE DATA FOR RECIPROCAL BENEFITS
Willing to share data in return for
receiving faster, easier services
Willing to share data to receive
more competitive/lower prices
95% 87% 82% 59%
More than three-quarters of all respondents are willing to share
the data required for benefits such as personalized offers, more
efficient and intuitive services, and more competitive pricing.
But Traditionalists are hardest to convince.
96% 89% 84% 63%
SkepticsPragmatistsPioneers Traditionalists

Create stronger incentives
to encourage customers
to share their data.
What does this
mean for financial
providers?
3. WILLINGNESS TO SHARE DATA FOR RECIPROCAL BENEFITS

Finallyhaveintegration
betweenphysicalanddigital
channels
Consumers still want the long-expected omni-
channel experience that players in other
industries are providing.
4

All consumers still value face-to-face support, yet more than
half of consumers expressed an appetite for a true
omnichannel banking experience.
However, not all consumers are satisfied with their
experience across channels.
68% 68% 63% 66%
Favor face-to-face
interaction with
their bank
4. INTEGRATION BETWEEN PHYSICAL AND DIGITAL CHANNELS
Want to see their banks
blending physical
and digital services
Say that the quality
of service varies
across channels
80% 72% 53% 33% 64% 24% 51% 22%58% 41% 48% 45%
Favor face-to-face
interaction with
their insurer
Skeptics
Pragmatists
Pioneers
Traditionalists

• Leverage their physical footprint
and integrate physical and digital
services to meet customer needs
more effectively.
• Have a GAFA vision and program
and grow business through third-
party platforms
Whatdoesthis
meanforfinancial
providers?
4. INTEGRATION BETWEEN PHYSICAL AND DIGITAL CHANNELS

Role played by trust
Customers trust their bank and insurer
to look after their financial well-being
and their data. However, trust is not
necessarily a driver of loyalty.
5

88% 89% 65% 69%
Trust their bank:
88% 93% 71% 79%
To look after their long-term financial well-being
To look after their data
83% 77% 59% 56%
Trust their insurer:
83% 85% 63% 72%
To look after their long-term financial well-being
To look after their data
5. ROLE PLAYED BY TRUST
38% 44% 34% 38%
Top reasons why consumers
would leave their current provider:
Issues/concerns over data security
All personas and in particular Pioneers show a high level of trust, but
one third of Pioneers—the highest rate—switched providers last year.
While consumers trust banks and insurers with their data, a data
breach would also cause many consumers to switch providers.
SkepticsPragmatistsPioneers Traditionalists

• Invest in and communicate clearly
on measures to protect customer data.
• Find new ways of creating
added value to build consumers’
long-term loyalty, don’t rely
on customer “inertia”.
Whatdoesthis
meanforfinancial
providers?
5. ROLE PLAYED BY TRUST

To stay relevant and win
loyalty in a digital economy,
banks and insurers should harness
consumer data to deliver a hyper-relevant,
highly convenient and trustworthy
customer experience.
Winning
consumers’
trust and
loyalty
CUSTOMER TRUST MODEL
BRAND
+ TOUCHPOINTS
+ BEHAVIOURS REPUTATION
SOCIAL
AGENDA
OTHER
FACTORS
• Internal
• External
• Inferred
• Acquire
• Retain
• Service
• Right time
• Right channel
• Right content
TRUST
ACTION
INSIGHT
CONSENTED
DATA
HYPER-
RELEVANCE

A head start
for financial
providers
Banks and insurers should
become a “living business”,
creating a business model
that moves beyond traditional
industry boundaries and is
agile, innovative and
hyper-relevant.

1. Expand business models through
ecosystems with non-financial vendors.
As providers cooperate with vendors
to provide integrated propositions around
core customer needs, they can focus on amplifying
their brand values for differentiation.
Howcanbanksandinsurersgetahead
startonbuildingalivingbusiness
model?
2. Offer personalized experiences
tailored to personas.
Providers must shape propositions,
products and services by each customer
segment and identify related investments
required to deliver target returns.

5. Anchor trust through all touchpoints.
Informing customers on measures to strengthen
data security and how their data is shared with
ecosystem alliances, vendors and partners may
be increasingly important for brand.
4. Fully integrate physical and digital.
Executing the right mix of automation and human
contact is key to being a trusted “partner” in the
customer journey toward financial well-being.
3. Receive personal data in exchange for
advice and better terms.
Providers should work particularly hard to identify genuine
value for customers who are less interested in and less
prepared to exchange data for personalized services.

Become a living business.
Ready to stay relevant and win
customer loyalty? When banks
and insurers find the patterns
among their consumers, they can
find their way toward offering
trustworthy, omnipresent,
personalized service. DOWNLOAD THE
STUDY NOW.
Or contact:
Copyright © 2019 Accenture. All rights reserved.
Piercarlo Gera
Senior Managing Director,
Accenture Financial Services
Customer Insight & Growth
piercarlo.gera@accenture.com
Alan McIntyre
Senior Managing Director,
Accenture Global Banking
a.mcintyre@accenture.com
Erik J. Sandquist
Managing Director,
Global Lead for Accenture Insurance
Customer Insight & Growth
erik.j.sandquist@accenture.com
www.accenture.com/FSConsumerStudy2019
30

More on how to become
a Living Business:
• Banking as a Living Business
• Insurance as a Living Business
• Maximizing Revenue Growth

Discover the Patterns in Personality

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