Talking the consumers' language: Financial services
07 Sep 2016
With consumer inertia widespread in financial services, we looked at the opportunities and threats to brands working in this sector as new businesses enter the market. Read Customer Engagement: Speaking The Consumers' Language: Financial Services
If you look at banks, 40% of people have never changed their bank account.
In financial services there is remarkable consumer inertia.
Inertia, not necessarily loyalty.
When asked why, the most popular explanation for why consumers stay with their bank and don't change, despite new measures to make changing your account quick, easy and reliable, is that there are "No issues" with the existing supplier.
Hardly a ringing endorsement.
Digital disruption brings with it a multitude of new entrants that are nimble and perceived as less stuffy than the giant incumbents, yet consumer inertia favours these incumbents.
This may be changing as new products, services and ways of organising your life seem to be making these new entrants more attractive and so consumers more liable to switch to them.
While the new entrants and incumbents prepare for battle, we examine what consumers want and need from their financial services providers now and into the future.
Read our report written by the Future Foundation, in association with The DMA, Relay 42, Acxiom and The Organic Agency.