Each month we use our amazing platform and insight team to take a deep-dive into a different industry to understand current trends and what’s driving consumer behaviour. This month it’s Financial Services. Register to download the full PDF below and keep up to date on our content, including more industry insights, downloadable ebooks and reports, webinars & more…
Savings are being depleted as the cost of living bites. But few are turning to financial providers for support or advice at this time.
There is an opportunity for financial brands to provide clear support to people with the growing financial challenges they face.
“We just had to remortgage as interest rates are spiralling – we found an online broker who were so helpful and took the sting out of the increase!” – Male, 25-34
Whilst there has been considerable buzz in the media around new financial products, we see limited appetite from consumers who are happy to stick to what they know at this time
% unaware or wouldn’t consider this type of product:
Younger consumers are more open to these new products – 1 in 3 18-34-year-olds would consider Cryptocurrencies.
The pandemic has boosted usage of digital services, and they are becoming the preferred channel for more and more consumers. The quality of online and mobile services are the most important factors consumers are looking for from financial providers beyond product features.
% saying ‘very important’ in choice of financial provider
As digital adoption snowballs, expectations of personalised services and recommendations are becoming mainstream. Consumers told us they expect to see:
Usage notifications
“Keeping me informed of unusual usage. Keeping me informed of spending” – Female, 65+
Savings & Budgeting pots
“Have multiple pots where you can split your money to help with budgeting and saving” – Female, 18-24
Personalised recommendations/rewards
“I would like to see personalised recommendations and rewards and I would like to be able to customise my online banking
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