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DISCOVER THEPATTERNS INPERSONALITY2019 Accenture Global Financial Services Consumer StudyExplore our latest research and uncover theconsumer trends affecting banks and insurerstoday. Find out how customers want to engagewith you through our four powerful personas.

iewCustomer Customer attitudes and preferencesAppetite for integrated propositions addressing core needsAppetite for personalization of servicesWillingness to share data for reciprocal benefitsIntegration between physical and digital channelsThe role played by trust48 Recommendations53 About the research

#FSConsumerStudyOVERVIEWWhat brings customerstogether sets them apartFinancial Services customers are more willing than ever toshare data—provided that data sharing powers integratedpropositions and offers that are tailored to their needs.The pressure is on for banks and insurers to provide highly personalizedservices, but how can they accommodate a million markets of one?By finding the patterns that bring customers together.In 2018 we surveyed 47,000 banking and insurance customers across28 markets in Asia-Pacific, Europe, Latin America, Middle East and Africa,and North America. Through this survey, which builds on our first biennialstudy in 2017 and is one of the largest of its kind, we sought to understandwhat these consumers value, what differentiates them and how they wantto engage with financial providers.32019 Accenture Global Financial Services Consumer Study

#FSConsumerStudyOVERVIEWOur study identified several patternsamong consumers, which we distilledinto five key findings:1.Consumers want integratedpropositions addressing core needs.Our research reveals that around half of consumersexpect financial providers to offer propositions addressingcore needs, and not only traditional financial services.These propositions typically focus on a particular customerneed, such as a complete “mobility proposition” forcar buyers that includes different financing, rentingand reselling options, as well as access to insurance,maintenance and ancillary services.42019 Accenture Global Financial Services Consumer StudyOther examples include a property-buying solutionencompassing a mortgage, home insurance coverage andan additional loan for furnishings and a health propositionthat provides wearable devices, points-based rewardsfor healthy behavior, or access to wellness services.

#FSConsumerStudyOVERVIEW2.3.Consumers increasingly want afully personalized offering from theirfinancial providers.One in two consumers indicated an interest in personalizedfinancial advice from banks that is shaped by their personalcircumstances—including analysis of spending habits andadvice on how to manage money—while 64 percent areinterested in insurance premiums that are tied to behavior(such as driving safely).Consumers are willing to share datawith their providers in return for betteradvice and more attractive deals.For example, they are interested in offers and perks basedon where they shop most often and priority services suchas a fast-track insurance claims settlement.52019 Accenture Global Financial Services Consumer Study4.Consumers want better integrationacross physical and digital channels.5.Consumers’ trust in financialinstitutions is high and increasing.More than half of all our survey respondents expressedan appetite for a true omnichannel banking experiencethat would allow them to switch seamlessly betweenphysical and digital channels.Consumers are likely to say that they trust their banksand insurers more than they did 12 months ago. Tomaintain this trust, particularly when holding customers’personal data, providers should demonstrate robustsecurity measures while delivering value-addinginsight and personalized services.

CUSTOMER PERSONASYou can’tspell personalwithout personaTo engage customers with personalized services—and see each customer as an individual—banksand insurers should first recognize theircustomers’ similarities.The consumers in our survey can be divided into four broad personasbased on how they perceive and engage with banks and insurers.The differences between these personas are striking, and highlighthow traditional demographic segmentation, such as by age orwealth, can miss important nuances of how consumers viewtheir financial providers.62019 Accenture Global Financial Services Consumer Study#FSConsumerStudy

#FSConsumerStudyCUSTOMER PERSONASMeet the lists:Risk takers, tech-savvyand hungry for innovationUbiquitous, trustingand channel agnosticTech-wary, dissatisfiedand alienatedValue human touch, techavoiders and losing trustTech-savvy and keen to engagewith financial providers usingmobile devices, Pioneers arehungry for innovation in servicesand channels. They account for23 percent of respondents.Also making up 23 percent of thesample, Pragmatists see technologyas a means to an end rather thanas a lifelong passion. They aresatisfied with the service levels theyreceive and they expect good valuefrom providers. They are interestedin (though a little suspicious of)personalization.Skeptics are the largest group,accounting for 33 percent of thesample, yet their dissatisfactionwith financial providers meansthey are a challenging personato engage. More than a third areunder 35, making them a longterm opportunity for providersif they can be targeted.Generally older (55 ) than theother personas, Traditionalistsshow low levels of engagementand satisfaction with their financialservices providers. They are thesmallest group from our consumersurvey, comprising 21 percentof respondents.2019 Accenture Global Financial Services Consumer Study

#FSConsumerStudyCUSTOMER PERSONASPioneersYoung:Open to risk:50% are between 18 and 34.Three in four are willing to takerisks to improve their lives.More likely to be malethan female:55% of Pioneers are men.Earning a good wage:43% are in a high-income bracket.Ethically minded:65% say their provider’s approachto corporate social responsibilitywill influence their choice.Hungry for innovation:They want to explore newchannels such as wearabledevices.Inspired by the new:80% are interested inintegrated propositionsfrom financial providersand non-financial vendors.Tech-savvy:87% say their smartphoneis their principal device fortransacting online.82019 Accenture Global Financial Services Consumer Study

CUSTOMER PERSONAS:PIONEERSTrusting, but not loyalAlthough Pioneers trust their financial providers, they arethe least loyal—a third had switched banks within thepast year. But while the search for better-value productsand services is their main driver for switching, Pioneers alsoconsider more altruistic factors. Almost two thirds say thatcorporate social responsibility would influence their choiceof a new provider.Risk-takersPioneers are most willing to take risks to improve theirlives—75 percent of them say they don’t minddoing this—considerably more than the 53 percentof Pragmatists and over three times the percentageof Traditionalists who agree with this statement.92019 Accenture Global Financial Services Consumer Study#FSConsumerStudy

#FSConsumerStudyCUSTOMER estyle65% 70%86%80%56%54%68%Tech and data tson phoneReadBrowsesocial media internet onpostsmobileReadcontentonlineImportance of personalization95%agreeWould be willing to share data in returnfor personalized and convenient servicesCompared to 80% overall10 2019 Accenture Global Financial Services Consumer StudyPeopleseek myadviceSeekwork/lifebalanceTakerisks toimprove lifeContentmost ofthe timeAlertabout dataprivacyagree“I would like my bank or insurer to introducenew ways of communicating with me,such as via wearable devices”Compared to 31% overall39%LiketraditionalapproachesImportance of access73%87%Confidentuser al Network Provider54%Phone isprincipaldeviceTrust to lookafter financialwell-being88%83%61%57%48%Total

#FSConsumerStudyCUSTOMER PERSONASPragmatistsEverywhere:Open to advice:Pragmatists are the most evenlydistributed persona group acrossage groups and geographies.95% trust human advisorsin bank branches to give adviceon a loan or mortgage.Channel agnostic:Data conscious:77% don’t mind which channelthey use as long as they getwhat they need.79% say they are alert andcautious about their data privacy.Satisfied:78% have a positive experiencewhen they visit their bank branch.Content:Trusting:They are more likely to trust theirbank to look after their financialwell-being, and for their insurerto safeguard their data.They are less likely to beinterested in bespoke or noveltycustomer experiences.112019 Accenture Global Financial Services Consumer Study

CUSTOMER PERSONAS:PRAGMATISTSHappy with their servicePragmatists are more broadly satisfied with their current financialproviders than the other three personas. More than three-quarterssay they have a positive attitude toward bank branches, and96 percent say they trust the advice they receive from humanadvisors at their insurance branch when making a claim.Interested in personalization,but wary about signing upThey are the group closest to Pioneers in terms of behavior,and are interested in offers, perks, alerts and tips based ontheir spending patterns. However, they are less interestedin these services than Pioneers.Embrace technology, but only up to a pointPragmatists want control over their accounts and are keenon fast and efficient service. They like online access viadesktop or laptop, rather than by mobile device. Less thana third are interested in a wider range of in-branch services,such as coffee shops or financial education.122019 Accenture Global Financial Services Consumer Study#FSConsumerStudy

#FSConsumerStudyCUSTOMER 56%Lifestyle65% 64%56%62%78%54%68%Tech and data attitudes70%53%48%79%62%30%Checkaccountson phone79%75%27%ReadBrowsesocial media internet onpostsmobileReadcontentonlineImportance of personalization85%agreeWould be willing to share data in returnfor personalized and convenient servicesCompared to 80% overall13 2019 Accenture Global Financial Services Consumer StudyPeopleseek myadviceSeekwork/lifebalanceTakerisks toimprove lifeContentmost ofthe timeAlertabout dataprivacy72%agree“I would like my bank to blend physical branchesand digital services, allowing me to interact withthem in the way that best suits me, and whichgives me a seamless experience”Compared to 59% overall39%LiketraditionalapproachesImportance of access65% 60%Confidentuser al Network Provider54%Phone isprincipaldeviceTrust to lookafter financialwell-being89%77%31%29%18%Total

#FSConsumerStudyCUSTOMER PERSONASSkepticsDiscontent:Frustrated:Just 45% say they are contentmost of the time.They feel let down in termsof customer service.Risk-averse:Difficult to convince:Only 42% say they take risksto improve life.Mistrustful:Low interest in integratedpropositions around coreneeds from financial providersand non-financial vendors.Least likely to trust banks andinsurers to look after their data.Dissatisfied:More tech-wary:Only 31% have a positiveexperience when theyvisit their bank branch.They are less confident usersof technology than their peers.14 2019 Accenture Global Financial Services Consumer Study

CUSTOMER PERSONAS:SKEPTICSOften unhappySkeptics are demanding and often unhappy with theservice they receive from their financial services providers.They are not interested in personalized products andservices and less than a third want to use new channels.Lacking in trustSkeptics show low levels of trust in providers. This doesn’tseem to affect their loyalty to these providers, however—on average, Skeptics stay with their bank for 14 years andtheir insurer for seven years.Less likely to use mobile for transactionsAlthough younger than other persona groups, Skepticsare less likely than Pioneers and Pragmatists to use theirmobile phone to access information and transact online,or to spend time each day browsing the internet on theirmobile device.152019 Accenture Global Financial Services Consumer Study#FSConsumerStudy