Customers have never had so much choice when deciding upon new banking accounts, making investment decisions or insuring against loss or damage, with new innovative market entrants looking to gain market share from established organisations. At the same time, there have never been so many ways in which customers can interact with their existing providers of financial services.
Digital innovation has already changed the status quo for many industries. Established financial services organisations are not exempt from disruption if they do not adapt to what is being called the fourth industrial revolution. To remain relevant in the current climate, what are the key priorities for consumers when engaging with retail banks and insurance companies?
Our Youbiquity 3 finance report, commissioned in association with Avaya and based on 3000 customer interviews in the UK Spain and Germany, builds on the insights revealed by the first two reports conducted in 2012 and 2014. It highlights how consumers want to interact with retail banks and insurance companies. And, importantly, it identifies key areas that banks and insurers need to address in order to optimise their engagement with customers in this increasingly digital world.
Our research shows that although consumer confidence in their financial services providers is improving, there is still much to be done. Consumers want support technology, underwritten by person-to-person contact, that makes self-service easier – not just for everyday tasks but for more complicated transactions too. Many basic banking interactions such as account balance enquiries and payments have now been automated. Smartphone apps have made these tasks easier over the past three years. But there are many banking interactions being digitised that will require support to ensure successful first-time completion by customers.
Download the full Youbiquity 3 report by completing the form on this page to find out the implications for your organisation.
BT & Avaya carried out consumer research on attitudes towards digital banking from 3000 customers across the UK, Germany, and Spain. This video explains some of the top findings from the in-depth report, which can be accessed by completing the form on this page.
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Previous version of Youbiquity finance research.