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The Comfort Consumer Trend in Financial Services: Trust and Safety
Datamonitor, Dec 2010, Pages: 83
Consumers in the FS industry look for protection and reassurance from their providers in order to feel a sense of safety. The loss of trust as a result of the global downturn has left consumers feeling uncertain. Trust needs to be rebuilt, not only to offer consumers financial safety but also to increase consumer engagement and build better relationships with customers
Scope
- Strengthen customer relationships by driving an increase in consumer engagement
- Demonstrate customer knowledge via an understanding of how the Comfort trend can be used to rebuild trust on a regional level
- Satisfy consumer demands through understanding consumers' need for protection and reassurance
- Restore trust by learning how to demonstrate real concern for consumers and the safety of their finances
Scope
- The highest demand for Comfort is seen in Brazil and South Africa where 78% of consumers demand this Megatrend. The demand for this trend is low in most of Europe where consumers badly affected by the downturn no longer trust their FS providers to protect them
- Consumers who demand Comfort like to build up a nest egg for the future, creating a buffer to protect them from life's surprises. They are not as good at saving for a pension, making them good targets for this product. Life insurance is also a key product for Comfort-driven consumers who want to trust their family and belongings will be protected
- Engaging consumers is vital to building trust. In sectors such as retail where the products and services are often more emotive and tangible consumers express higher levels of trust. The FS industry needs to work on building stronger and more meaningful relationships with consumers
Purchase Reasons
- Why is consumer trust in the FS industry not increasing?
- Why is it so important for consumers to feel protected by their FS providers?
- Are there lessons to be learnt from other sectors which have experienced a crisis?
- What strategies can FS provders take to reassure consumers and build trust?
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