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Viewing report
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The Individualism Consumer Trend in Financial Services: Self-reliance
Datamonitor, Feb 2011, Pages: 76
Introduction
Society encourages consumers to be increasingly self-reliant, with years of mass marketing and commoditization leaving consumers looking for personalized offerings. FS providers must enable consumers to express their individuality and their preferences through customizable products and services. Personalized messages are more noticeable to consumers who are constantly bombarded with marketing.
Features and benefits
- Command the consumer's attention through understanding how to cater to individual needs.
- Learn how to allow consumers to express their personal preferences with customizable products and services.
- Improve customer retention through understanding the consumer desire to be treated as an individual.
Highlights
- Across all regions there is strong demand from consumers to be treated as an individual by their FS providers. The importance to consumers of being treated as an individual by their FS providers also increases as they grow older, meaning that individual treatment will help providers to retain consumers over the course of their lifetimes.
- A high proportion of consumers state that they take responsibility for their own financial future. This will be affected in part by the desire to move away from FS provider support after the global financial downturn during which providers were portrayed as acting irresponsibly with consumers' money.
- Globally there is a demand for premium banking services but providers will have to ensure the nature of premium services on offer fit the expectations of the consumer. A flexible, customizable offering would be most attractive to the consumer.
Your key questions answered
- Why is it so important for consumers to feel that they are being treated as an individual?
- What additional services would consumers like to receive from their FS providers, and what are they prepared to pay for these?
- Does the idea of account aggregation appeal to consumers?
- How effective at managing their finances are consumers who like to take responsibility for their financial future?
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