How well do YOU know your customer?

Efma feature

15 July 2019

Accenture’s most detailed Global Financial Services Consumer Study yet pinpoints what financial services customers are looking for in 2019, revealing how to harness data to satisfy the needs of four distinct consumer personas.


As the digital revolution continues to accelerate, many incumbent financial services firms are confronting rapidly shifting customer expectations – but rather than succumb to the competition, it is an opportunity for incumbents to innovate and create stronger bonds with customers.

So, what do today’s financial services customers really want? How do demands and pain points differ across the world? How can financial services firms fulfil and exceed these evolving expectations?

To answer these questions, Accenture surveyed 47,000 banking and insurance customers across 28 markets in Asia-Pacific, Europe, Latin America, Middle East and Africa, and North America.

More than three in four consumers are willing to share their data in return for personalized services

Today’s customers crave personalization. According to Accenture’s Global Financial Services Consumer Study 2019, the vast majority of customers are willing to share their data with providers, if this will lead to more personalized banking and insurance services.

Customers seek integrated propositions and tailored offerings designed to meet their fundamental needs. They also value seamless integration across channels. And most of all, they want to be able to trust their providers. The good news? Data is the tool that will help you meet these criteria! Head to the study now to discover Accenture’s four recommendations on how to use customer data to provide a hyper-relevant, convenient and trustworthy experience.

Meet the financial services personas

Accenture found that, while the majority of banking and insurance consumers share the above points in common, it is possible to distinguish four distinct persona segments:

23% are ‘Pioneers’: risk takers, tech-savvy and hungry for innovation.

23% are ‘Pragmatists’: ubiquitous, trusting and channel agnostic.

33% are ‘Skeptics’: tech-wary, dissatisfied and alienated.

23% are ‘Traditionalists’: value human touch, tech-avoiders and losing trust.

How well do YOU know your customer?

Are the majority of your customers pioneers, pragmatists, skeptics or traditionalists? How does your organization strive to meet the needs of different customer personas? Do you have what it takes to win an Efma Customer Insight & Growth Banking Innovation Award?

Efma and Accenture are inviting retail banks worldwide to submit their innovative projects to the Customer Insight & Growth Banking Innovation Awards (formerly known as Distribution & Marketing Innovation Awards) to showcase new and original digital strategies in customer experience.

The categories for the 2019 awards include:

- Phygital Distribution & Experience
- Digital Marketing & Communication
- Offering Innovation
- Analytics & Artificial Intelligence
- Workforce Experience
- Social, Sustainable & Responsible Banking
- Neobanks & Specialized Players
- Global Innovator

Each entry will be assessed using three criteria: its originality; its strategic capacity to generate long-term competitive edge and return on investment; and its adaptability for use in other markets and countries.

Winners will be selected through a combination of votes by a panel of judges comprising senior banking leaders from around the world and by Efma members and non-members from financial institutions voting online.

Entries are now open until 6 September 2019 at: www.efma.com/innovations

Download Accenture’s Global Financial Services Consumer Study 2019 now.

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Keywords : Innovation , Customer service , Bank Products & Services

Geography : International