Facebook shared some interesting insights, based on a global customer survey, recently into the customer journey. This post highlights some of the key themes and the UK based infographic. It is worth noting the survey is not extensive, but in terms of the themes it is interesting – do take a look at the interactive website and navigate the countries to see the interesting stats.
The Way You Manage Your Money is Changing:
Here are the key drivers:
- Niche startups are disrupting traditional financial services providers
- Digitalisation, AI, chatbots, on-demand services are all unveiling new ways for us to interact with our banks
- Mobile is providing us with more convenient ways to manage our money
- Traditional banks are moving away from being the 1-stop-shop to a rail provider on which other niche players build funky/sexy services and products
- Customer demands are moving towards a on demand, quick and easy using tap/swipe model
Manage Your Money – Key Findings:
- Financial flexibility:
- People want to manage their money anytime/anywhere
- Mobile is a key enabler of the anytime/anywhere service, and an easy to navigate mobile app is a key factor in the which bank to use decision
- Casual convenience:
- People want to have the ability (technology) to manage their money without any hassle
- For example, a majority of Brits stated they value their time over money
- Small money (p2p – peer to peer money transfers) tasks should be faster and frictionless
- Human touch:
- People want to connect with others where they feel trusted
- The way to foster trust is to emphasise data safety
- Customers want to “feel understood” by their banks and and want to see these providers demonstrate the importance of their values – both of which would help to establish trust