Consumer Trends in Financial Services Sector (2019)

Posted by ujwal on July 11th, 2019

With the phenomenal growth in innovative fintech tools this year, financial marketers are expected to meet and fulfill every customer need and want. They are increasingly faced with the task of engaging with customers and prospects in more meaningful ways.

For optimizing and enriching the customer experience, financial institutions are widely adopting data-driven marketing in their business. They are currently investing in cloud-based technology solutions to help them engage customers across all digital touchpoints. Investments in Artificial Intelligence (AI) tools have also seen considerable uplift and are helping companies automate customer communications.

As financial brands gear up to deliver compelling user experiences, here are interesting financial consumer trends to consider in 2019:

1. Consumers are more digitally-empowered

Financial Services consumers are more digitally-savvy than they were 5 years ago. This is mainly due to the large segment of millennial consumers who are well-versed in using the internet and electronic devices such as smartphones and laptops. Digital empowerment has equipped the average consumer with skills such as checking their savings account balance online, browsing for a life insurance plan using their mobile browser, applying for a home loan from a laptop, etc. 

2. The incredible growth and impact of social media

Social media adoption has grown like crazy among financial consumers. Almost every consumer has an account on sites such as Facebook and Twitter. Although initially started as a means to create and manage social relationships online, these sites quickly became a means for financial companies to attract potential customers. 

3. The demand for real-time personalized experiences

When financial marketers found a way to target consumers through personalization, it became an instant hit. Consumers responded more positively to personalized offers which, in turn, enabled a brand to increase digital engagement and conversions. As more brands adopted personalization as a marketing strategy, consumers started demanding deeper personalized experiences. This demand ultimately led marketers to deliver personalization on a real-time basis. 

These aforementioned trends provide a sneak peek into the mind of the average consumer. Financial Services companies should seriously pay heed to them and analyze how they can act upon a particular trend with respect to their marketing strategy. A brand that adapts itself to changing customer habits and delivers the right user experiences is bound to be the real winner in the future.