Other parts of this series:
In my last two blogs, I looked at changing consumer attitudes and expectations as revealed in the Accenture Financial Services 2017 Global Distribution and Marketing Consumer Study: Banking Report.
The research also noted the emergence of three distinct consumer personas, differentiated by their attitudes toward competitive pricing and low cost, and the level of their interest in high-quality, responsive service. Two important additional drivers of loyalty are trust (as measured by the bank’s ability to protect personal data) and interest in an innovative digital model, reflected by the consumer’s willingness to consider an online provider such as Amazon or Google for financial services.
The three personas are:
- Nomads – This is a highly digitally active group, ready for a new model of delivery. They are not tied to traditional financial services providers and are happy to use Amazon or Google for financial services. Nomads value digital innovation and want new ways of accessing service and advice, and are very open to the concept of computer-only advice. In the US, 46 percent of respondents could be described as Nomads, compared to just 23 percent in Canada.
- Hunters – These individuals search for the best deal on price. In fact, receiving value for money is the key driver of loyalty for Hunters. Human advisors remain crucial to Hunters—they do not feel they can get what they need without human advice and they cannot live with computer-only advice; they want to use traditional banks and financial services firms. In Canada, Hunters comprise 23% of respondents, dropping to 14 percent in the US.
- Quality Seekers – This group looks for high quality, responsive service and data protection. Quality Seekers want a financial services provider who will put their interests first; this is a key loyalty driver, as is confidence that their personal information will be kept secure. Providers that offer high-quality, responsive service are essential to Quality Seekers, who are driven by trust and the level of service rather than by cost. Quality Seekers are prevalent in Canada (55 percent of respondents) and less so in the US (40 percent).
In the fifth and final blog of this series, I will look at how banks can respond effectively to the shifts in consumer behavior and attitudes identified in our study.