Making digital banking more human - Where every connection builds trust and loyalty - Accenture
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Mit deutschsprachigen
Kenntnissen für die Regionen
Deutschland und Schweiz
2020 Accenture Global Banking
Consumer Study
Making
digital
banking
more human
Where every connection
builds trust and loyalty
Mehr Digitalisierung
Ohne Zweifel hat mit Beginn Denn mit dem Anstieg der digitalen Nutzung
einerseits ist das Vertrauen der Kunden in
der Pandemie im März 2020 ein
ihre Bank und deren Geschäftsgebaren
im Angebot der Banken,
Digitalisierungsschub auf allen sowie Umgang mit privaten Daten anderer
Ebenen stattgefunden und auch seits gesunken. Es braucht also den Faktor
weniger Vertrauen
seitens der Banken wurden Mensch. Kunden vertrauen dem mensch
lichen Berater aus der Historie heraus und
Projekte realisiert, für die sie
durch die Integration von Menschlichkeit
der Kunden
gerne mehr Vorlauf gehabt hätten. und Personalisierung in digitale Kanäle
Aber in kürzester Zeit mussten die haben Banken so die Möglichkeit, starke
Banken sicherstellen, dass ihre Kundenbeziehungen aufzubauen und das
Vertrauen zu stärken, um letztlich das
Kunden finanzielle Angelegen-
Wachstum voranzutreiben.
Es fehlt der Faktor Mensch heiten von zu Hause aus erledigen
konnten, ohne den Weg in die Unter dem Einfluss der Pandemie hat
Filiale gehen zu müssen. Accenture weltweit mehr als 47.000 Ver
braucher in 28 Ländern zu ihrem Kunden
verhalten gegenüber den Banken befragt,
Die Banken haben das hervorragend davon etwa 2.011 Verbraucher in Deutsch
gemeistert, doch bei aller Freude über land und weitere 2.036 in der Schweiz.
den neuen Schwung in der Digitalisierung Neben dem Digitalisierungsschub und dem
gilt es, eine Herausforderung zu meistern: Vertrauensverlust spielt auch die gestie
Wenn die Interaktion mit den Kunden gene Preissensibilität eine nicht unerheb
hauptsächlich digital und ein Stück weit liche Rolle in ihrem Verhalten – Plattformen
auch anonym abläuft, wie können Banken wie Comparis sorgen für zunehmende
dann eine persönliche Kundenbeziehung Transparenz und Preiswettbewerb. Einige
pflegen und hochpersonalisierte Dienst Trends werden nach der Pandemie bleiben,
leistung anbieten? andere werden sich legen.
Global Banking Consumer Study | Making digital banking more human 2
Die hier vorliegende, englischsprachige Warum “digitalisierte Mensch- 47 Prozent der internationalen Kunden vor Hausbank nur einen geringen Vertrauens
Accenture Global Banking Consumer stellen, ein Bankkonto über digitale Kanäle vorschuss für ihre Arbeit. Doch auch dieser
lichkeit“ notwendig ist
Study 2020 fasst die globalen Ergebnisse zu eröffnen. Diese Entwicklung bestätigt ist in Deutschland seit 2018 von sowieso
zusammen und ordnet sie ein. Auch für die Jahrelang haben Banken ihre Kunden dazu sich sowohl für die deutschen und als auch nur 30 Prozent auf 21 Prozent gesunken.
beiden Länder Deutschland und Schweiz aufgefordert, stärker die digitalen Kanäle für die Schweizer Banken. In der Schweiz traut ebenso nur rund ein
ergeben sich einige interessante Entwick zu nutzen und im Self-Service zu agieren. Viertel der Kunden ihrer Bank zu, dass sie
lungen. Dabei spielt die Einteilung der Die Gründe der Banken waren offensicht Dennoch sieht ein nicht unerheblicher sich auch langfristig um das finanzielle
Verbraucher in sogenannte Personas eine lich: Vergleichsweise einfache, prozess Teil der Mehrheit in Deutschland und der Wohlergehen der Kundschaft kümmert.
durchaus wichtige Rolle: So gehört die gesteuerte Interaktionen sollten über die Schweiz den persönlichen Kontakt bei der Auch in Bezug auf die Pflege und den
Mehrheit der Verbraucher in den beiden digitalen Kanäle laufen, während hochwer Bankkonto-Eröffnung weiterhin als wichtig Umgang mit den eigenen Daten ist das
Ländern zu den Traditionalisten bezie tigere und komplexere Kundenaktivitäten an. Und genau in diesem persönlichen Vertrauen in Banken erheblich gesunken.
hungsweise Skeptikern. Die wenigsten in den Filialen stattfinden, um einerseits Kontakt liegt die Herausforderung für die Weltweit vertrauen nur vier von zehn
zählen in ihrem Kundenverhalten zu den Kosten einzusparen und andererseits die Banken: Die rasante Umstellung auf digitale Befragten ihrer Bank in dieser Hinsicht,
Gruppen der Pragmatiker oder Pionieren. persönlichen Beziehungen zum Kunden Services hat ein entscheidendes Element, wobei die Tendenz in den letzten zwei
Dem gegenüber stehen weltweit gesehen weiter zu gewährleisten. Dieses Prinzip nämlich den Faktor Mensch, aus dem Jahren rückläufig ist. Dennoch: Über 60%
nur 16% von Traditionalisten, während die wurde von der Kundschaft bis zu Beginn Bankgeschäft verdrängt. In der Folge der Kunden in beiden Ländern sind über
Mehrheit zu den Skeptikern und Pionieren der Pandemie jedoch nur sehr schleppend leidet nicht nur die persönliche Beziehung zeugt, dass ihre Bank immer oder meistens
gehört. Dies ist wichtig zu verstehen, denn angenommen. Das hat sich nun schlagartig zwischen Kunden und Berater, sondern in ihrem Interesse handelt. Das ist mehr als
dementsprechend verhalten sich die Kun geändert und die Banken haben mit einem auch das Vertrauen der Verbraucher in die im globalen Vergleich und erklärt, warum
den sehr unterschiedlich in ihren Märkten. Digitalisierungsschub kurzfristig ihre Haus Bank. Der Digitalisierungsschub zieht in fast ein Viertel der befragten Verbraucher
Das sollten Banken in ihrem Angebot aufgaben gemacht, denn letztlich hatten der Konsequenz ein Vertrauensverlust mit in beiden Ländern der Meinung ist, dass
berücksichtigen, vor allem in Anbetracht die Kunden keine andere Wahl als von zu sich. Nur 29 Prozent der internationalen Banken am besten in der Lage sind, Pro
des Digitalisierungsschubs, um Kunden Hause aus digital mit ihrer Bank zu inter Kunden gehen davon aus, dass ihr Finanz dukte und Dienstleistungen auch jenseits
gezielter anzusprechen und damit Sales agieren. Das führt unweigerlich zu einer institut im Wesentlichen ihr persönliches ihrer Kernkompetenzen anzubieten. Deutlich
zu generieren. Verschiebung im Verbraucherverhalten. So finanzielles Wohl im Auge hat, zwei Jahre geringer fiel diese Meinung gegenüber
fanden im zweiten Quartal 2020 die Mehr zuvor lag die Vertrauensquote noch um Technologieanbietern, sozialen Netzwerken
heit der Kontoeröffnungen virtuell statt. die Hälfte höher. Traditionell geben deut und sogar Neobanken aus.
Für die Zukunft können sich inzwischen sche und Schweizer Kunden der eigenen
Global Banking Consumer Study | Making digital banking more human 3
Banken mussten bereits vor der Pandemie nicht einmal 10 Prozent der deutschen Im Vergleich dazu: 39 bzw. 56 Prozent Kosten zu tragen. Es gilt also, das digitale
auf die Veränderungen im Verbraucher und Schweizer Kunden überhaupt einmal schenken ihrem persönlichen Berater Angebot persönlicher und für die Kunden
verhalten reagieren. Der neue Schwung Videoanrufe, um mit ihrem Bankberater zu höchstes Vertrauen, wenn er sie telefo relevanter zu gestalten, um Kundenbezie
der Digitalisierung durch die Pandemie sprechen, so können sich dies inzwischen nisch oder persönlich in einer Filiale berät. hungen wieder und weiter zu stärken. Ohne
zeigt allerdings, wie wichtig es ist, digitale rund 20 Prozent der Kunden in den jeweili eine starke emotionale Bindung und eine
Werkzeuge zu entwickeln, die jeder Kun gen Ländern vorstellen. Auch wenn hier Hier spielt auch das Preis-Leistungs-Verhält Neuerfindung als digitale Marke, samt neuer
deninteraktion Relevanz und Persönlichkeit ein Anstieg in der Nutzung zu verzeichnen nis mit rein, denn «value for money» war Serviceangebote im Ökosystem rund um
verleihen. Videoanrufe stellen ein solches ist, so ist diese Quote im internationalen für den Verbraucher noch nie so wichtig. den Kunden, werden Banken weiter an
digitales Werkzeug dar und werden zuneh Vergleich tief. Hier räumt fast jeder Zweite Die Preissensibilität ist aus verschiedenen Relevanz verlieren.
mend von Verbrauchern nachgefragt. (46 Prozent) diese Möglichkeit nun auch Gründen gestiegen, unter anderem weil
Dabei sollte jedoch die Option bestehen, für den Fall der Wiedereröffnung seiner Verbraucher ihre eigene Finanzkraft auf
persönliche Berater im richtigen Moment Filiale ein. 35 Prozent der global Befragten grund der Pandemie stärker im Blick behal
Ansprechpartner
einsetzen zu können. Damit wird einerseits erklärten sogar, dass sie Videoanrufe einem ten. Gleichzeitig werden digitalisierte
ein Gleichgewicht geschaffen und ander persönlichen Gespräch vorziehen würden. Angebote auch eher als Standardprodukte Andreas Staudinger
seits wird beides immer dann kombiniert, Dennoch könnte sich dieser Trend auch und leicht ersetzbare «Ware» wahrgenom Managing Director
wenn mehr Wertschöpfung erzielt werden für Deutschland und die Schweiz weiter men. Der Preis ist zum entscheidenden Financial Services Deutschland
kann. Das stärkt die Kundenbeziehungen verstärken, da Verbraucher Video-Telefonie Wettbewerbsfaktor geworden. Mit anderen andreas.staudinger@accenture.com
und schafft Vertrauen, Loyalität sowie für ihre privaten Beziehungen immer Worten: Sind die digitalen Werkzeuge
Vorteile für beide Seiten. häufiger nutzen und somit den Umgang unpersönlich, wenig individualisiert und Frederic Brunier
gewohnt sind. Gleichzeitig müssen die eher im Self-Service-Bereich zu finden, Managing Director
Banken verstehen, wie die verschiedenen möchten Verbraucher dafür auch nicht so Financial Services Schweiz
Der ungebrochene Aufstieg
Absatz- und Kommunikationskanäle das viel bezahlen. Bietet die Bank hier jedoch frederic.brunier@accenture.com
der (personalisierten) Vertrauen der Verbraucher beeinflussen. einen personalisierten, individuellen Mehr
Digitalisierung Bei der Beratung über Produkte und Ange wert, zum Beispiel in dem sie ihren Kunden
Ein solches digitales Werkzeug, was eine bote vertrauen zum Beispiel nur 20 Prozent Produkte und Beratung zu den Themen
persönliche Interaktion zwischen Kunden der internationalen Verbraucher einem Sparen, langfristiges finanzielles Wohl
und Berater möglich macht, ist die Video- menschlichen Berater “sehr“, wenn sie ergehen und Finanzmanagement anbietet,
Telefonie. Nutzten vor der Krise noch per Videoanruf beraten werden. sind Kunden auch eher bereit die höheren
Global Banking Consumer Study | Making digital banking more human 4
Contents
3 Overview
Where interactions become connections 20 Maintaining support beyond the crisis
Consumers are satisfied with banks’ crisis response,
but do not want support tapered immediately
5 Why digital personality matters
Stand out and retain trust in an era of
hyper-digitalization 23 A crisis of confidence
Building consumer trust in a time of uncertainty
8
(Re)introducing the personas
The evolution of changing banking behaviors 26 The shifts in how customers switch
Primary account switching stagnates as neobanks
lose their shine
12 The rise and rise of digitalization
Digital engagement surges—and is here to stay
31 Stay connected, engaged and relevant
Making connections in a digital world
17 The power of personalization
Consumers zero in on price, but they also crave
personalized advice 34 Contact the authors
Global Banking Consumer Study | Making digital banking more human 5
Overview Where interactions become connections How a more human approach can help banks retain loyalty and trust in an era of mass digitalization. Global Banking Consumer Study | Making digital banking more human 6
The unprecedented The threat is this: if engagement is primarily digital, how can
banks preserve any semblance of a personal and emotional
circumstances of 2020 connection with their customers? And if they lose this, how
can they stave off commoditization, let alone provide
have driven a rapid uptake personalized high-end banking services?
of digital banking. Bank Our research, based on a survey of more than 47,000
consumers in 28 markets, highlights the shifts in consumers’
executives may rejoice, but behavior and preferences during this tumultuous time. From
the sheer speed of adoption surging appetite for video conferencing to decelerating primary
account switching activity, it reveals not only which habits have
has created a major risk that changed, but which are likely to endure as the world gradually
returns to normality.
requires urgent attention.
Understanding changing consumer behavior is one thing.
Acting on it is another. By infusing humanity and personalization
into digital channels where they will have the most positive
impact, banks have an opportunity to forge strong customer
connections, build trust and, ultimately, drive growth.
Global Banking Consumer Study | Making digital banking more human 7
Section 1
Congratulations! Your loan is
Why digital approved. Just a few more steps
to complete so we can check
personality
everything is ready to go...
matters
That’s great,
thank you!
Stand out and retain trust in
an era of hyper-digitalization
Global Banking Consumer Study | Making digital banking more human 8
For many years, banks have Banks’ motivation was obvious. Migrating Until now. With many bank branches Digital migration also
low-value and process-driven interactions closed due to lockdowns and call centers
accelerates commoditization
encouraged consumers to to digital channels while retaining high- extremely busy for long periods of 2020,
value and more complex client activity in consumers of all ages had no practical
and jeopardizes trust
engage with them through branches meant they saved costs while option other than to interact with their For banks, that sudden upswing in digital
digital channels. Rather protecting personal relationships with banks through digital channels. And the engagement could be both a blessing and
customers. It is a logic that has led to a banks have played their part: as lockdowns a curse. Many have not yet succeeded
than walking into a branch, gradual 3–4 percent shrinking of branch were introduced, many accelerated
in injecting into their digital interactions
their digitalization programs to ensure
consumers who wanted networks in much of the developed world,
that consumers could access services
and marketing touchpoints the humanity,
although in some markets closures have personality and personalization that are
to open a new account been much more extensive.1
online. As a result, a shift to digital that
typically provided by knowledgeable
might have taken years—if not decades—
were asked to do it online. happened in months. Illustrating this,
staff. Without this human touch, banks
Although banks had some success, risk weakening their already fragile
some 50 percent of consumers now
And rather than calling customer adoption of digital channels
interact with their bank through mobile
personal and emotional connection with
was slow for all but the most basic banking consumers. If they ignore this, consumers
the bank, account holders activities. Certain customer segments still
apps or websites at least once a week;
two years ago, just 32 percent did. And could become as dispassionate about their
were encouraged to resolve visited their branches for things they could
the volume of in-branch transactions in banks as they are, for example, about their
easily do online and even the most tech- utility providers. And without an emotional
issues digitally. savvy customers still liked the comfort of
the US has decreased by 30–40 percent.2
connection, banking services are likely to
opening new accounts, resolving issues, Banks’ Q3 2020 financial results suggest become commoditized, with consumers
or receiving advice about complex that, after an initial COVID-19-related focused on price alone.
products face to face. surge, digital adoption may have
plateaued. In the US, for example, U.S.
Bank reported that 76 percent of its
customers were digitally active as of
August 2020, compared with 77 percent
in May 2020.3 Even so, digital engagement
across all consumers is significantly higher
than at pre-pandemic levels.
Global Banking Consumer Study | Making digital banking more human 9
There is another problem. The rush to Trust is also critical for banks to capitalize on Armed with these insights, banks will be able By offering video conference calls where
digital is exacerbating the longer-term, one of their most promising opportunities to adapt around consumers’ new behaviors appropriate and frictionlessly integrating
pre-COVID-19 trend of diminishing for revenue growth: new digitally enabled and preferences. Key to this will be digital and telephone channels, it’s possible
consumer trust. Although most consumers advisory services that help customers injecting humanity through a “digital brand to create an optimal customer experience
believe that their banks, to date, have optimize their daily spend, rationalize their personality” and embedding personalized that blends the convenience of digital with
responded adequately to COVID-19, only product portfolio, and take advantage of experiences in digital customer journeys at the personality and expertise of human.
29 percent trust them to look after their tailored life-planning or business advice. the moments that matter. This involves, for
long-term financial wellbeing, compared According to our Purpose-Driven Banking example, making sure that conversations Banks that neglect this issue and instead
with 43 percent two years ago. report, these services could generate an with chatbots are as natural and free- just focus on adjusting their operating
average 9 percent retail revenue uplift for flowing as possible. model to support consumers’ increased
This lack of trust makes consumers incumbent banks.4 use of digital channels may well create an
increasingly skeptical about participating Chief marketing officers have a vital role effective digital offering. But it will lack
in digital initiatives, such as data-sharing, to play. By infusing brand personality and the humanity and personality needed to
that could benefit both themselves and Fad or future? engage customers emotionally.
humanity into all customer interactions,
the bank. Only a small majority (53 percent) Banks must respond decisively to the dual including precision marketing tactics like
of consumers are willing to share more risks of commoditization and dwindling emails, direct mail, push notifications and None of this is easy. After all, banks
personal information with their bank in trust. First, by understanding precisely on-website digital placements, they can need to enhance their relationships with
return for added benefits and a more how consumers’ banking aspirations consumers just when they also need to
help to compensate for the lack of genuine
personalized, relevant service, which is a and preferences have changed, as make increasingly difficult credit decisions
human interaction.
slight decrease on 55 percent two years ago. well as how sentiment among specific and prepare to phase out COVID-19-related
consumer groups has shifted. Then financial support.
In a world where consumers use digital
they need to establish whether these banking channels much more frequently,
changes in behavior are permanent and The consumer insights in this report can
creating the optimal customer experience
will last beyond the pandemic, or if they help, informing near-term actions and
requires banks to strike the right balance
are a temporary aberration caused by driving long-term success. If they respond
between initiatives such as these that
the current climate that will revert when effectively to these insights, banks can
mimic humanity and putting actual human
normal life resumes. chart a course for a future in which they are
advisors in front of customers.
enduringly human, trusted and relevant.
Global Banking Consumer Study | Making digital banking more human 10Section 2 (Re)introducing the personas The evolution of changing banking behaviors Global Banking Consumer Study | Making digital banking more human 11
Who are they? Defining the personas Consumers’ banking demands vary by age, gender, where they live and how much they earn. But their preferences are driven to a greater extent by personality. To help understand this, we replicated the methodology developed for our 2018 report to divide our surveyed consumers into four persona groups: Pragmatists, Traditionalists, Pioneers and Skeptics. Pragmatists Traditionalists Pioneers Skeptics Trusting and channel-agnostic, These customers value the This group comprises risk-takers Tech-wary and generally Pragmatists see technology as a human touch and avoid who are tech-savvy and hungry dissatisfied with their financial means to an end rather than a technology wherever possible. for innovation. They are keen to services providers, these customers lifelong passion. They are satisfied They show low levels of engage with financial services are also the least trusting. with the service levels they receive engagement and satisfaction providers through digital channels Accounting for 38 percent of all and expect good value from with their financial services and mobile devices. consumers, they are the largest banking and insurance providers. providers, and trust is also low. persona group in this year’s study. Global Banking Consumer Study | Making digital banking more human 12
Compared with two years ago, the number Beyond the differences between our Figure 1. Changes in the mix of banking customer personas.
of Traditionalists has decreased globally by persona groups, other Accenture research 2020 vs. 2018 findings across 21 markets surveyed
an average of 8 percent, while the number highlights how the ongoing uncertainty
of Pioneers has increased by 6 percent. has affected consumer behavior and
Pragmatists have declined by 2 percent, habits.5 It points to a widespread erosion -2% Pragmatists
and Skeptics have increased by 4 percent. of confidence, a preference for virtual
interaction, an increased focus on health,
The significant decrease in the number and the growing importance of the home -8% Traditionalists
of Traditionalists was at least partly as life’s epicenter.
precipitated by lockdowns, which forced
many consumers who were previously in
this group into non-traditionalist behaviors Pioneers prevail in fast-growth Pioneers +6%
such as online shopping and digital markets, while skeptics rule
communication. When the pandemic is in Europe
over, some of them will no doubt revert Skeptics +4%
to old habits, but some of their learned The size of persona groups varies
ways of interacting digitally with banks significantly by market. In fast-growing
will persist—not least because banks will markets such as Brazil, China – mainland
accelerate branch closures and investment and Mexico, Pioneers are the largest
in digital channels. group. In contrast, Skeptics are the
largest persona group in many European
Because shifts in personas correlate countries. Canada and Germany are the
with changes in consumers’ banking only markets where Traditionalists are
preferences, it is essential for banks the largest group.
to understand how the size of persona
groups changes over time and,
importantly, how preferences differ
between groups. As we will see, persona
groups’ expectations of their banks differ
—in some cases significantly.
Global Banking Consumer Study | Making digital banking more human 13Figure 2. Persona groupings vary significantly by market. Pragmatists Traditionalists Pioneers Skeptics *Markets are ordered by their dominant persona group(s).
Traditionalists Skeptics, Pragmatists Skeptics Skeptics, Pioneers Pioneers Mixed
32% 33% 36% 38% 30% 49% 41% 63% 61% 43% 56% 42% 60% 41% 42% 46% 37% 42% 45% 37% 31% 28% 21% 30% 29% 32% 29% 20%
57% 30%
61%
25% 55% 19% 17%
17% 43% 33%
12%
6% 7%
9% 47%
9% 21% 27% 5%
23% 18% 39%
35% 17% 34%
5% 7% 28% 27%
25% 27%
33% 20%
11% 23%
27% 14% 23%
24% 7%
4% 12% 4%
38%
35% 35% 12%
26% 5% 28% 31%
30% 9% 2%
28% 27%
27% 2% 25% 26%
26% 25% 24% 26% 3% 4% 24%
20% 20% 23% 1%
18% 4% 2% 20%
16% 17% 1%
14%
11% 13%
7% 10%
5%
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Global Banking Consumer Study | Making digital banking more human 14Section 3 The rise and rise of digitalization Digital engagement surges—and is here to stay Global Banking Consumer Study | Making digital banking more human 15
Lockdowns around the Banks report increased use of Banks report increased consumer engagement
digital channels, although recent
world drove consumers through digital channels…
announcements show a levelling-off in
digital usage in Q3 2020 following an
to interact digitally with initial surge in Q2 2020 (see alongside). 41 percent of ING’s active customers used mobile to contact the
their banks. For example, 41% bank in the second quarter of 2020, compared with 37 percent
The surge is partly because consumers in 2019, and 26 percent in 2018.7
our survey shows half did not feel comfortable about visiting
(50 percent) of consumers branches during lockdowns—or were
simply unable to—so had little choice but Bank of America reported a 5 percent annual increase in digital
currently interact with 5%
to execute certain tasks online. And some banking logins in Q3 2020.8
their bank through a types of digital engagement, such as
logging in to online bank accounts, surged
mobile app or website because it is the most convenient way to …and an increase in digital sales.
monitor personal finances. For many, this
at least once a week, became more of a necessity because of
compared with just the economic climate. 44%
Digital sales represented 44 percent of Bank of America’s total
customer sales in Q3 2020, up from 29 percent a year earlier.9
32 percent two years ago. COVID-19 has also accelerated the move
from cash to contactless payments, at
least in Europe. In the UK, for example, 63 percent of BBVA’s sales were through digital channels in the
ATM withdrawals dropped by 50 percent 63% first half of June 2020, compared with 57 percent in the first
in the second half of March. In contrast, half of 2019, and 49 percent in the first half of 2018.10
55 percent of consumers increased
contactless payments—and almost 9 in
10 expect to maintain a higher level of Commerzbank reports that 75 percent of new customers in
75%
contactless usage after the pandemic.6 Germany opened their account via online channels in Q2 2020.11
Global Banking Consumer Study | Making digital banking more human 16But in emerging markets lockdowns had Video conferencing grows Figure 3. Digital channels are increasingly used to interact with banks.
the opposite effect: cash use surged
in popularity Q. How often, if at all, do you currently use the following when contacting your bank?
because it is considered a necessary store
A. At least once a week
of value in periods of uncertainty and Consumers’ growing familiarity with
economic stress. online video conferencing means that
Online via a mobile app or website 32% 50%
many would now be happy to use it to
The key question is: will consumers communicate with their banks. Only
Online website using a desktop / 35% 43%
maintain this digitalized behavior when 15 percent of consumers had spoken laptop computer
normality resumes? We expect those to a bank advisor via video call before
who are conducting simple and low- COVID-19, but 46 percent said they would Bank ATM / self-service machine 29% 37%
value banking transactions digitally be prepared to do this when branches
for the first time to continue to do so. reopened, and 35 percent would now Automated telephone 9% 16%
Many will revert to branches for more prefer this to a face-to-face meeting. That
complex and higher-value advice and said, enthusiasm for video conferencing Social media channels 14% 15%
transactions, but the survey data reveals varies significantly between the different
that some consumer groups are willing persona groups (see Figure 5). Chat / instant messaging 11% 15%
to continue to do this digitally. When we
asked how they would prefer to open a Unlike other digital banking innovations Email (or secure message) 14% 15%
new account with a new bank—something that saw slow uptake when they were
that many historically preferred to do in first launched, such as contactless Live telephone 8% 12%
a branch—47 percent voted for a face- payments, video calls are likely to
to-face setting, 47 percent for online via become popular quickly because many Paper mail / post 6% 10%
their desktop or laptop, and 37 percent people already communicate in this way
for online via a mobile app or website. with friends, family, colleagues, and Face to face 10% 10%
clients—and the benefits are obvious.
Video conversation
5% 9%
with an advisor 2018 2020
Global Banking Consumer Study | Making digital banking more human 17Stave off commoditization Figure 4. Persona groups vary significantly in their banking channel preferences.
with humanity Q. Which of the following channels would you ideally like to use to open a new account / product with a new bank?�
Respondents could select up to three answer options.
With consumers increasingly using
digital channels, banks have to work
out how to maintain a personal and Face to face 47% Pragmatists 51%
emotional connection with them.
Without this, there is a risk that Online website using a desktop / 47% Traditionalists 64%
laptop computer
consumers will focus only on price.
Online via a mobile app or website 37% Pioneers 39%
The challenge is to inject humanity (on smartphone or tablet)
and sometimes humans themselves
Live telephone 22% Skeptics 42%
into digital customer journeys where
appropriate and create a distinctive and
engaging digital brand presence. Banks Email (or secure message) 16%
are pondering how contact centers can
support this endeavor, whether that be by Bank ATM / self-service machine 13%
conveying financial advice or supporting
Pragmatists 47%
consumers’ use of digital channels. Chat / instant messaging 8%
Traditionalists
For opening new accounts,
9%
Automated telephone 8%
online is now as popular as Pioneers 48%
Video conversation with an advisor
face to face (via website or in the branch)
6%
Skeptics 36%
When they open a new account/product Paper mail / post 5%
with a new bank, consumers have
equal preference for using fixed online
Social media channels 4%
channels (desktops and laptops) and face
to face; mobile channels rank third.
Global Banking Consumer Study | Making digital banking more human 18But channel preferences vary significantly There are also geographical differences: Figure 5. Engagement via video calls by persona group.
across persona groups, with Traditionalists consumers in some markets are much
particularly reluctant to engage via mobile. more willing to communicate digitally Total sample Pragmatists Traditionalists Pioneers Skeptics
with their bank. For example, more than
half of consumers in the UAE, Saudi
Pioneers, Pragmatists and Spoken with a bank advisor via
Skeptics are all keen on video
Arabia, China – mainland, and Mexico video call before COVID-19 15% 7% 3% 33% 13%
would prefer to communicate with their
Some consumer groups are particularly bank via video call even when branches
Spoken with a bank advisor via video
keen to engage with their bank in reopen, compared with less than a quarter
call during COVID-19 14% 6% 2% 34% 11%
new ways. For example, 55 percent of in Switzerland, Belgium, Sweden, the
Pioneers would prefer to speak with Netherlands, France, and Germany. This
Most recent video call with a bank
a bank advisor via video call than in a is driven in part by higher branch density
was successful overall* 80% 88% 62% 86% 70%
face-to-face meeting once branches in Europe compared with other markets,
reopen, compared with just 13 percent which has historically made face-to-face
interaction an easy and convenient option. Willing to speak with a bank advisor
of Traditionalists. And 48 percent of
via video call once branches reopen 46% 53% 24% 63% 40%
Pioneers would choose to open a new
account with their current bank via
Prefer to speak with a bank advisor
a mobile app or website, compared via video call rather than in face-to-face 35% 34% 13% 55% 33%
with just 9 percent of Traditionalists. meeting once branches reopen
*Question asked only to those who have used a video call with their bank.
Global Banking Consumer Study | Making digital banking more human 19Section 4 The power of personalization Consumers zero in on price, but they also crave personalized advice Global Banking Consumer Study | Making digital banking more human 20
Consumers value price Two years ago, value for money was only Figure 6. Value for money is now most important for financial services consumers.
in 5th place. And although primary bank
Q. Which of the following factors are most important to you when dealing with banks and insurers?
competitiveness more account switching activity is low, those who Percentage of consumers who ranked each factor in their top 3
have switched in the past 12 months are
than ever before. When most likely to say that a better price or value
Value for money 27% 37%
we asked what is most was their main reason for doing so. For the Able to manage my account
in a way that suits me
30% 31%
people who have not switched, price and
important when dealing value is the main factor that might cause Competitive pricing 25% 29%
with their bank and them to do so in the next 12 months. Fast resolution of any 29% 32%
issues I may have
insurer, they ranked value The rising importance of price is partly Speedy and efficient service 27% 33%
for money in first place. a consequence of the sudden shift from
Clear and transparent
relatively buoyant macroeconomic 20% 24%
communications
conditions to the economic stress and Polite and
19% 28%
uncertainty associated with COVID-19. knowledgeable staff
It is also due to the growing digitalization Able to contact my bank/ 17% 17%
of the consumer banking experience, insurer at a time that suits me
which causes customers to increasingly Attractive digital 13% 15%
propositions
view it as a commoditized product.
Attractive customer 10% 14%
loyalty program
Personalized solutions can Broad range of flexible,
high-quality products
11% 14%
wean consumers off price
Personalized services 13% 14%
This change is likely to be less permanent Ethical and sustainable 11% 12%
than some other shifts in consumer business practices
behavior, because consumers will become Recommendations of
8% 9%
less focused on price as economic appropriate products & services
uncertainty diminishes. Appealing brand 5% 5% 2018 2020
Global Banking Consumer Study | Making digital banking more human 21But that does not mean banks should Figure 7. Personal advice on how to save money grows in appeal, especially among Pioneers and Pragmatists.
wait passively for consumers to become
less price-sensitive. Instead, they should Q. How appealing would you find the following digital experiences if offered by your bank or insurer?
A. Somewhat, very or extremely appealing
demonstrate, proactively, how they can
look after consumers’ long-term financial
Assistance dealing with cyber security threats 76%
wellbeing. They could offer personalized
solutions, for example, such as savings Offers and perks based on where 61% 68% Pragmatists
tips based on spending patterns; the I shop most often
77%
survey data shows that Pioneers in
particular find this type of digitally enabled Alerts about upcoming direct debits 59% 67% Traditionalists 31%
personalization appealing (see Figure 7).
Savings tips based on my spending patterns 57% 65% Pioneers 90%
Interest grows in personalized An alert when I’m close to my overdraft Skeptics
digital banking
60% 63% 57%
sent by text/via mobile app
Updated budget information based 52% 61%
Consumers continue to show little appetite on spending this month
for the abstract concept of “personalized Advice and tips on how to act more sustainably 57%
experiences”: just 13 percent of our survey in relation to travel, shopping, etc.
respondents said this is important to them, Updates on how much money I have 51% 57% Pragmatists 55%
which is slightly lower than two years ago. left until my next pay-day
But banks cannot discount personalized
A chatbot that offers personalized 51% Traditionalists 19%
offerings completely. When we presented financial advice in plain language
consumers with concrete examples of
personalized services—especially those Gamification through the app 46% Pioneers 82%
that enable money-saving and enhance
financial management—they revealed Gamification through the website 46% Skeptics 43%
greater interest than two years ago (see
Figure 7). Pioneers are particularly keen 2018 2020
on personalized solutions.
Global Banking Consumer Study | Making digital banking more human 22Section 5 Maintaining support beyond the crisis Consumers are satisfied with banks’ crisis response, but do not want support tapered immediately Global Banking Consumer Study | Making digital banking more human 23
Consumers generally This is likely to be because consumers Figure 8. The majority of consumers felt supported by their bank during COVID-19.
felt reassured that help was available
approve of their bank’s if they needed it, rather than because My bank is providing me with the support I need
50% 18% 11%
they actually benefitted from any direct during COVID-19
response to COVID-19: support: fewer than 15 percent of
50 percent said that their consumers used direct financial assistance My bank is clearly and effectively communicating
49% 25% 16%
from their bank such as credit card limit with me about its response to COVID-19
bank provided them with increases or interest-free credit card
the support they needed repayment holidays, and just 28 percent My bank is providing the country with the
45% 26% 10%
used any form of assistance (see Figure 9). support it needs during COVID-19
during the pandemic,
and 49 percent said it Taper support with care My bank is passing interest rate reductions
on to me speedily and sufficiently
34% 18% 19%
communicated clearly Banks were able to satisfy consumers’
needs during COVID-19 in part because
and effectively. both were supported by the public Agree Neutral Disagree
sector. As this support is pared back in
most countries, banks may have to make
difficult decisions about the level of That said, consumers are most keen If the curbing of government support
support they continue to provide. Given for banks to continue offering assistance means that consumers’ demand for
that 60 percent of consumers (and 86 in the use of digital channels and financial assistance outstrips what
percent of Pioneers) want some form financial management advice, which banks are able to supply, consumer
of COVID-19-era support to continue would be less costly to maintain satisfaction with banks’ response to
in the long term, any phasing out of than direct financial assistance. COVID-19 may nosedive and could lead
support will have to be done carefully. to a loss of goodwill.
Global Banking Consumer Study | Making digital banking more human 24Pioneers used COVID-19 Figure 9. Pioneers were the most enthusiastic recipients of COVID-19 assistance.
support most frequently
Q. Did you use the following COVID-19 assistance provided by your bank?
Use of COVID-19 support was significantly A. Yes
higher among Pioneers. For example, Assistance on how to use online banking 14% Pragmatists 15%
30 percent of these consumers took channels and/or digital tools
advantage of assistance in using Advice on how to manage my finances
11% Traditionalists 3%
online banking channels or digital during the outbreak
tools, compared with just 3 percent of
Pioneers 30%
Traditionalists. And 17 percent of Pioneers Credit card limit increases 9%
used interest-free credit card repayment Skeptics 9%
holidays or deferrals, compared with just Interest-free credit card repayment
7%
1 percent of Traditionalists. holidays/deferrals
Interest-free mortgage repayment
7%
holidays/deferrals Pragmatists 10%
Extended and/or interest-free overdrafts 6% Traditionalists 2%
Penalty-free early access to Pioneers 25%
6%
savings/pensions
Skeptics 6%
Interest-free non-mortgage loan 6%
repayment holidays/deferrals
Global Banking Consumer Study | Making digital banking more human 25Section 6 A crisis of confidence Building consumer trust in a time of uncertainty Global Banking Consumer Study | Making digital banking more human 26
Perceptions of banks’ In part, this is a direct consequence of Figure 10. Consumers’ trust in businesses to look after their long-term financial
some of the trends discussed earlier in wellbeing has dropped.
COVID-19 response might this report: the replacement of human
interaction with digital channels, and Q. To what extent do you trust the following providers to look after your long-term financial wellbeing?
be broadly favorable, the resulting breakdown of personal A. A lot
but consumers’ faith connections. It also reflects a broader Your bank 29% 43%
decrease in trust in major institutions:
in banks and other the survey data reveals that consumer
trust has also fallen when it comes
major institutions has to insurers, payments companies,
Your insurer 24% 32%
plummeted. Just 29 percent retailers, tech companies, and social
media platforms—although to a smaller
of consumers in the survey extent than banks. The positive news
Online payments companies 17% 23%
for banks is that even with that bigger
trust their bank “a lot” slump in trust they are still trusted more
to look after their long- than these other major institutions. Retailers 8% 11%
term financial wellbeing, Consumers are also starting to lose faith in
Tech/telecoms companies or
compared with 43 percent their banks’ ability to look after their data:
online service providers
8% 12%
only 37 percent trust their bank “a lot” to
two years ago. look after their data today compared with
51 percent two years ago. This could be a Social network providers 6% 9%
2018 2020
result of the high-profile consumer data
breaches in the past two years and the
tightening of data protection regulation,
both of which have raised consumers’
awareness of data privacy issues.
Global Banking Consumer Study | Making digital banking more human 27Figure 11. Consumers’ trust in businesses to look after their data has also fallen. Lack of trust undermines But all is not lost. Banks can rebuild trust
by forgoing at-risk “bad revenue” (such
Q. To what extent do you trust the following providers to look after your data?
growth initiatives
as overdraft charges) to show increased
A. A lot
This erosion of trust has major commitment to customers’ interests, by
Your bank 37% 51% consequences for banks’ long-term providing services that genuinely look
growth strategies. Many want to play a after customers’ long-term financial
greater role in looking after consumers’ wellbeing, and by delivering tangible
Your insurer 32% 40% long-term financial wellbeing by, for benefits in return for sharing their data.
example, offering digitally enabled Some have already started to do this.
advisory services. But if banks are not Bank of America, for example, recently
Online payments companies 21% 34% trusted, consumers are likely to shun made a long-term commitment to offering
these services in favor of buying point neobank-style overdraft support features
solutions in the moment based on their that it introduced during the pandemic.12
Tech/telecoms companies or 10% 18%
immediate need and price. And with
online service providers large technology companies such as
Google and Apple increasingly offering
payments and other financial services,
Retailers 9% 16%
or aggregating those provided by others,
banks could find themselves becoming
back-end processers if consumers do
Social network providers 7% 14%
2018 2020 not trust them. This may well be a viable
strategy for some, but it is certainly not
the business model that most consumer
financial institutions aspire to.
Global Banking Consumer Study | Making digital banking more human 28Section 7 The shifts in how customers switch Primary account switching stagnates as neobanks lose their shine Global Banking Consumer Study | Making digital banking more human 29
Primary bank account The reasons for this? It is a combination of Figure 12. Pioneers switched their primary bank account most frequently
a natural slump in switching to neobanks in the past 12 months.
switching has slowed following an initial surge of early adopters;
consumers’ existing banks improving Q. Have you opened a new bank account, or switched your main account, in the past 12 months?
in the past two years. their capabilities, especially their online
A. Yes
Just 3.8 percent of banking apps; and a natural suppression
of switching by the pandemic. 46%
consumers have switched
This decline has occurred in a period in
their primary account in the which, the pandemic aside, switching
past 12 months, compared has never been easier: open banking
regulation in certain markets smooths
with 6.7 percent two years the switching process, and technical
ago. Switching activity advances have dramatically reduced the
25%
24%
time it takes to open a new account.
remains primarily driven
Although switching has never been
by the Pioneers, with easier, measuring switching activity has
7 percent switching their become more complex because some
consumers increasingly accessorize their 9%
primary account in the main bank account with other accounts 3% 1%
7% 3%
for specific purposes, so there are more
past 12 months compared multi-banked customers. The survey finds
with just 1 percent of that 27 percent of consumers have opened Pragmatists Traditionalists Pioneers Skeptics
a new account (including primary and
Traditionalists. secondary accounts) in the past 12 months,
compared with 24 percent two years ago. Opened a new bank account in the last 12 months
Switched main bank account in the last 12 months
Global Banking Consumer Study | Making digital banking more human 30Figure 13. Pioneers are the most active users of neobanks. In this context, the process of switching Despite the recent growth, consumers’
may take longer and be less apparent enthusiasm for neobanks is lukewarm.
Q. Do you have a neobank account, and if so, do you use it for most of your banking transactions? in banks’ data, with a consumer initially For example, consumers that have
A. Yes
opening a new account and using it to a neobank account are most pleased
process some payments, before gradually with its convenience, simplicity, and
increasing the volume of payments they price point, rather than its novel
38%
process and eventually having their features, personalized offerings, or
salary paid into the new account. the brand in general. And those that
have a neobank but do not use it for
the majority of their transactions say
Consumers’ interest in their primary reason for that is that they
24% 23% neobanks cools—for now are happy with their existing bank.
Neobanks have continued to gain market
15% share in the past two years. Today, Traditional banks’ new
11% 23 percent of surveyed consumers have digital offerings may slow
10%
a neobank account, up from 17 percent neobank growth
5% 4% two years ago. That said, just 12 percent
Will consumer interest in neobanks reignite
use a neobank account for the majority
when the economic picture improves?
of their transactions, and uptake is driven
It may do. A more favorable economic
Pragmatists Traditionalists Pioneers Skeptics by specific consumer groups: 24 percent
outlook could lead consumers away from
of Pioneers, for instance, use a neobank
what they perceive to be the stability of
account for the majority of their
% that have a neobank account traditional banks, and neobank features
banking transactions, compared with
such as cheap currency exchange will
% that use a neobank for the majority of banking transactions just 4 percent of Traditionalists.
become more attractive if consumers
Percentages equate to those that answered yes out of the total sample size. are able to travel more in the future.
Plus, as time goes on, each neobank
becomes less and less “neo,” which may
reassure customers who were previously
put off by their shorter track record.
Global Banking Consumer Study | Making digital banking more human 31On the flip side, traditional banks may Trust is another important factor in the Figure 14. Neobank usage decreases with consumer age.
have caught up with the neobanks by popularity of neobanks: just 8 percent of
the time the economic situation improves. consumers trust them to look after their Q. Do you use your neobank account for most of your banking transactions?
A. Yes
Many have already started to introduce long-term financial wellbeing, compared
features that mimic those of their digital with 29 percent who trust their current
competitors. In Australia, for example, banks. This lack of trust likely stems in 18-24 17%
NAB and Commonwealth Bank both part from a perceived lack of humanity
recently launched interest-free credit and personality in neobanks’ digital-first 25-34 18%
cards in response to the success of proposition. The trust gap explains why
“buy now, pay later” provider Afterpay.13 some consumer segments are particularly 35-44 13%
averse to neobanks (see Figure 15).
And although neobanks’ lack of expensive
45-54 10%
real estate should enable them to be We do not know whether neobanks will
cost competitive with traditional banks, continue to gain market share when the
pressure to hit profitability and identify pandemic recedes. But it is clear that 55-64 7%
new revenue streams, such as charging the improvements traditional banks
for current accounts, may negate that make to their digital offerings will make 65+ 4%
advantage. The ongoing low-interest- competition fiercer than ever before.
rate environment also inhibits neobanks’ Percentages equate to those that answered yes out of the total sample size.
ability to offer competitive savings
rates. Given that consumers without a
neobank account say value for money
is the most important reason that would
cause them to open one, factors that
blunt their natural price advantage may
significantly reduce future uptake.
Global Banking Consumer Study | Making digital banking more human 32Figure 15. Value for money and a simple digital/mobile experience would tempt consumers to neobanks. For neobanks, some
Q. What would motivate you to open an account with a neobank, and to use it for most of your transactions?
consumer segments are
currently out of reach
Good value for money/competitive pricing 32% 36%
Pragmatists 29% Some consumer segments have a strong
None of these benefits 9% 28%
aversion to neobanks. For example,
Traditionalists 62%
Simple, convenient mobile app or website experience 22% 28% 62 percent of Traditionalists say nothing
Pioneers 8%
would tempt them to open a neobank
Clear and simple bank communications 17% 22%
account, compared with just 8 percent
Availability of human support 16% 17% Skeptics 21% of Pioneers. That is also true of 57 percent
of those aged over 65, compared with
Appealing incentives for joining 15%
just 10 percent of those aged 18–24.
Personalized money-saving offers and advice 12% 17% Consumer age
Simple and easy to resolve any issues or questions 9% 13% 18-24 10%
Recommendations from family or friends 7% 9% 25-34 13%
Every part of the bank is connected 9% 17%
35-44 18%
Appealing features 8% 15%
45-54 28%
Favorable exchange rates and/or lower 7% 14%
overseas transaction fees
55-64 40%
Convenient times and ways to contact the bank 7% 11%
Focus on high ethical standards and behaviors 6% 8% 65+ 57%
Appealing brand 5% 7%
Open an account with a neobank
Other 1% 2%
Use a neobank account for most of my transactions
Global Banking Consumer Study | Making digital banking more human 33Section 8 Stay connected, engaged and relevant Making connections in a digital world Global Banking Consumer Study | Making digital banking more human 34
Our survey shows that Banks can take advantage of this trend, but only if they move
at the same fast pace.
consumers have reacted That will not be easy. Banks have made some progress, but their
swiftly as the world has rollout of new digital offerings continues to be hampered by the
longstanding issue of legacy systems. And the timing is difficult:
changed. Unable or unwilling the task of re-establishing personal bonds with their customers
and rebuilding trust needs to happen precisely when many
to visit branches, many rapidly banks will seek to taper COVID-19 support and make difficult
went online to do everything credit decisions.
from checking their balances For the best chance of success, banks should strive to maintain
the entrepreneurial spirit that flourished throughout 2020, when
to opening new accounts. many of them moved at a previously unthinkable pace to cope
with an unprecedented situation.
Global Banking Consumer Study | Making digital banking more human 35We believe that you should keep these five principles in mind:
Understand which shifts in consumer Prioritize technological flexibility and
1 behavior and preference are temporary 4 agility so that new digital offerings can
and which are here to stay, something be released at speed.
that our data shows is likely to vary
greatly by market.
Inject humanity and personalization
5 into digital channels where they will
Unearth the needs and expectations have the most positive impact.
2 of specific segments of your
customer base.
Please contact us to learn more about this research, and
how Accenture can help your organization to remain human,
Determine how your strategy and
3
trusted, and relevant as the world continues to change at an
operating model need to change to unprecedented pace.
respond to these reshaped preferences.
Global Banking Consumer Study | Making digital banking more human 36Contact the authors
Alan McIntyre Peter Kirk
Senior Managing Director Managing Director
Banking Strategy & Consulting
alan.mcintyre@accenture.com peter.kirk@accenture.com
Edwin Van der Ouderaa Kieran White
Senior Managing Director Senior Manager
Strategy & Consulting Strategy & Consulting
edwin.vanderouderaa@accenture.com kieran.j.white@accenture.com
Anne Bertelsen
Managing Director
Interactive, Banking
anne.bertelsen@accenture.com
Global Banking Consumer Study | Making digital banking more human 37References About the research About Accenture About Accenture Research
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This document is produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on
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