Other parts of this series:
- The power of customer-driven digital transformation in financial services
- Our most detailed customer survey yet reveals the future of financial services
- Financial services providers can blaze new trails by targeting Pioneers
- Skeptics are a challenge that financial services can’t ignore
- In financial services, Pragmatists may be easier to please than Pioneers
“For financial services providers looking to maximize their return on customer acquisition investment, reaching out to Pragmatists should be a top priority.”
So far in this blog series, we’ve looked at two different personas from the 2019 Global Financial Services Consumer Study: the Skeptics and the Pioneers. Built from analysis of data from a survey of 47,000 financial services customers around the world, both the Skeptics and the Pioneers offer great rewards to service providers who can address their concerns—which will be no small task.
Today’s post will look at a persona from the study with a lower degree of difficulty: the Pragmatists.
As their name suggests, Pragmatists see technology as a means to an end—not a lifelong passion. They are the most evenly distributed persona group across both demographics and geography. Pragmatists are largely channel agnostic, with 77 percent saying they don’t mind which service channel they use as long they get what they need.
They are also largely satisfied, with 78 percent reporting a positive experience when they visit a bank branch. Pragmatists are also more trusting of banks and insurers than other personas in the survey. The corollary of these two characteristics is also borne out in the data: Pragmatists are less likely than other consumers to be interested in bespoke or novelty customer experiences. For instance, less than a third are interested in a wider range of in-branch services like coffee shops.
This is not to say that Pragmatists are not interested in digital innovations, however. Eighty five percent say they would be willing to share their data in return for personalized and convenient financial services. This is slightly higher than the overall rate from the study. In a similar vein, 72 percent of Pragmatists want to see their service providers blend physical and digital services, compared with 59 percent of overall surveyed customers.
Overall the study results reveal that Pragmatists are easier to convert than other groups of consumers. Though not as interested in new services and innovations as the Pioneers, Pragmatists still have a considerable appetite for digital offers from financial services providers, as well as integrated service offers that address overall core needs.
Yet Pragmatists are also less fickle than Pioneers—indeed, they are the most trusting and loyal group of consumers identified by the study.
This makes them a compelling group to target. For financial services providers looking to maximize their return on customer acquisition investment, reaching out to Pragmatists should be a top priority.
The devil, of course, will be in the details. If you’d like to continue the conversation about developing a detailed strategy to attract and retain Pragmatists, please contact me. Information can be found at the top of this page.
More detail on the Pragmatists and the other three global financial services consumer personas can be found in the 2019 Global Financial Services Consumer Study. In the next post in this series, we will look at the final group of consumer: the Traditionalists.