Other parts of this series:
- New Opportunities for Financial Providers
- Five Key Trends Characterizing Global Financial Services Consumers
- Emerging Consumer Personas in Financial Services
- The Financial Services Response to Evolving Consumer (Part I)
- New Customer Expectations and Demands: The Financial Services Response (Part II)
In the previous blog, we looked at some of the strategic approaches that financial services firms can take in meeting the expectations and demands of the new consumer, represented by the emerging personas of Nomads, Hunters and Quality Seekers identified in our Distribution & Marketing research.
Here are three more avenues for financial services firms to explore:
- Provide a suite of personalized products. Tech giants such as Google, Amazon, Facebook and Apple have become masters of tailoring their services to the customer’s individual needs. Financial providers should learn from this experience, and provide a suite of products and services that are relevant to the customer’s stage of life or immediate financial needs. This requires two sets of capabilities: first, advanced analytics to understand customer needs in real time; and second, the ability to build out an ecosystem of in-house and third-party services that are tailored to customer needs and can be targeted to the right segments at the right time.
- Scope the potential battleground. Everyone is now digitally active to some degree. Financial providers are undergoing digital transformation, but they must ensure there is a carefully structured proposition beyond digital, designed to cater to the nuanced needs of consumer factions. For instance, Nomads may be drawn to providers that boast early adopter status, sitting at the extreme end of the digital innovation spectrum. Hunters, meanwhile, expect a digital offering, but are more likely to be swayed by the most competitive prices in the market. And for Quality Seekers, high quality, responsive customer service is one of the biggest loyalty drivers for banking, insurance and investment advice customers.
- Simplify the customer journey across channels. Omnichannel has become a way of life for today’s consumers. Delivering a smooth customer journey has become vital to attracting prospective customers and preventing existing customers from switching providers out of frustration. Processes that have previously required physical interaction will need to be rethought as they are transitioned online, while providers will need the ability to collect and share real-time data on customer interactions to enable seamless hand-offs between channels.
With so much change taking place, financial services providers may find it difficult to get a handle on what consumers really want. Providers who identify the right digital service model while respecting consumers’ wishes for integrity and for quality service will, we believe, have a competitive advantage in this ever-evolving environment.
To learn more about persona preferences and trends in each financial service, please visit: