In the wake of the fintech threat and other digital disruptions, financial services executives are thinking long and hard about how to deepen their customer relationships. The problem is, many don’t understand their customers’ relationship with money — and neither do consumers, themselves.
Indeed, while plenty of research has focused on what customers want from their financial services providers, most consumers simply don’t know; in fact, many are often unaware of why they act how they do with their money.
Given how much the financial services industry plans to spend on digital (estimated at more than $310 billion annually by 2020), it’s crucial that executives better understand where to focus their investments to meet their acquisition, retention and revenue goals. In conjunction with our partner ReD Associates, we’ve uncovered new insights into just that by studying people in their real environments — and understanding how they make sense of money, investments, pensions, savings, credit and wealth preservation.