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Consumer Financial Monitor

Analyze Consumer Trends to Support Technology Initiatives

CEB's Consumer Financial Monitor findings reveal that although consumers are slightly more satisfied with products and services, they have net negative feelings and confidence in financial services providers. This inherent lack of trust is causing front office advisors and agents to examine additional growth opportunities. This data also represents a unique opportunity for technology executives to analyze the voice of the consumer in order to effectively support their front office counterparts'.

Consumer Confidence

The Consumer Financial Monitor's survey methodology reveals the key factors of consumer confidence, areas of improvement which can be spurred by progressive technology strategies.

These factors include companies ability to:

  • Keep their customers' money safe
  • Ensure transactional reliability
  • Keep their commitments
  • Provide helpful guidance and advice
  • Care about their customers
  • Share the values of customers
  • Offer clear, simple policies and fees

Building Confidence with a Consistent Customer Experience

Firms trying to rebuild consumers' trust and confidence are realizing that it's not just what they offer that matters to customers but how they offer it. Seventy-eight percent of retail bank executives identify the ability to deliver a cost-effective and consistent customer experience across channels as critically important, demonstrating a clear need for effective collaboration between technology and front office partners to create essential solutions like e-signature.

High Net Worth Segment Opportunities

Across all regions and wealth segments, high-net-worth (HNW) consumers have the highest levels of confidence in their financial providers as well as the highest levels of activity. They are also more satisfied with the products and services offered by their financial services providers than Mass Market or Mass Affluent consumers, however the difference is not as large now as it was previously.

The 18-48 year old age group accounts for a significant portion of the HNW population and will become more valuable as their wealth grows. Despite the opportunities, nearly 3/4 of wealthy Gen X/Y clients don't currently use an advisor and 36% of them are interested in working with an advisor in the next year. Encouragingly for banks, younger investors are more willing to pay for advice than older customer segments are.