Personalization: The Key to Keeping Customers

[armdrejoan]

One of the most notable findings in the report is mom database personalization. 73% of customers expect their bank, insurance company, or wealth manager to understand their personal needs, up from 66% in 2020. However, only 21% say they are fully satisfied with the digital experience offered by their financial institution.

Human interaction remains crucial: 53% of customers would switch providers if they felt the service was too impersonal. Furthermore, while digital is essential for routine operations (71% of customers want a clear process to open an account online), when it comes to complex decisions, human contact is preferred. Phone calls and in-person meetings remain the most popular channels for the most sensitive interactions.

Personal data is the new currency
In an era of growing cyber threats, 78% of customers would switch financial institutions if they felt their data was not adequately protected. While overall trust in providers is high, less than half of customers have a clear understanding of how their data is used and protected. 55% of consumers are willing to share personal information in exchange for a more personalized service, but they want more control and transparency over how it is used.

Cryptocurrencies and new financial models
Despite market fluctuations, the report found that 61% of customers have already explored or are considering exploring the world of cryptocurrencies, although 40% remain skeptical. Key factors that would increase trust in cryptocurrencies include greater guarantees on transaction security (34%) and lower transaction costs (34%).

Additionally, there is growing appeal for non-traditional financial service providers. Technology brands and retailers are entering the space with more integrated and intuitive experiences, attracting customers seeking greater simplicity and convenience.