Focussing in on Finance

09/08/2018

From Brexit to Fintech, there’s no hiding from the disruption that is currently sending seismic waves through the financial services sector. Coupled with consumer concerns and the proliferation of technology, this opens a whole new world of opportunity for financial brands in the 21st century. Dentsu Aegis Network has partnered with Canvas8, the leading behavioural insights consultancy, to identify the key trends in consumer behaviours impacting both the B2B and B2C financial services sectors.

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When it comes to finance, one-size definitely doesn’t fit all. The ages that people reach traditional life milestones are shifting, the ‘bank of mum and dad’ is still under strain and half of British adults are considered financially vulnerable.

But it’s not all doom and gloom, the 2018 Endelman Trust Barometer shows a renewed global trust in expert voices. People increasingly want financial companies to lend a hand, with consumers seeking support and advice from experts.

The expectation economy has never been more prevalent, with consumers wanting a personalised experience to suit their lifestyle. They want more than money management, they want to access to their finances 24/7 365, not just Monday to Friday 9-5.

Our report, Finance in Focus: An Opportunity Awaits, identifies four behavioural trends influencing how consumers interact with financial services companies:

  1. Helpful Nudges. Hints to make better decisions.

 Despite best long-term intentions, short-term temptations mean people often prioritise day-to-day tasks over long-term financial planning.

      2. Background Finance. Outsourcing managing money.

 As tech advances such as AI are working their way into other aspects of people’s lives, they are also transforming how people take care of their cash. People are looking for ways to delegate their financial decisions, shifting responsibility for saving and financial security to technology.

  1. Lifestyle Finance. More than money management.

The expectation economy is here. Customer Service is now one of the most important factors influencing the relationship customers have with their financial provider. As traditional banking methods fall out of fashion, people are turning towards companies that offer more than just money management.

  1. Accessible Services. Out of touch with the financial world.

More than two in five people feel the financial services industry as a whole is less trustworthy than it was five years ago. With traditional services being perceived as confusing and inaccessible.

 

These four motivational behaviours are key for financial businesses to be aware of and to cater for, in today’s society.  To discover how you could take advantage of these key opportunities, download your copy of the report here.

 

Finance in Focus from Dentsu Aegis Network North on Vimeo.

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