financial services consumer study 2024.

if you had 3,000 current and potential financial services customers in the room, what would you ask them?

The annual Alumni Financial Services Consumer Study looks at the major consumer trends in banking, wealth management, payments, and insurance across six geographies (Singapore, Malaysia, Australia, Indonesia, Hong Kong, and the U.K.) via interactions with over 3000 respondents.

Conducted in collaboration with insiders from a diverse set of prominent financial services providers, the study explores:

  • Reasons for choosing and staying with providers

  • Factors influencing their purchasing decisions

  • Preferred interaction methods

  • Comfort with emerging technologies like AI

  • Other topics such as ESG importance, perception of digital-only players, and products open for competition

key findings

TRUST AND LOYALTY TIGHTROPE.

Survey respondents are loyal to their providers but don’t totally trust them. The industry will need to do a better job of showing it can protect assets and personal data, provide high quality advice, offer transparent pricing and deliver high service availability. These attributes are crucial for boosting customer trust, as indicated by the survey.

TRANSFORMING THE BRANCH.

Although consumers still value bank branches, the role and function of these physical locations are evolving. Branches might shrink in size, focus on high-end services, or extend to mobile kiosks and smaller service centres, providing options for purely online companies without physical locations.

Video, which was once hailed as the key solution for remote advisory, is the least popular engagement channel amongst consumers.

HUMAN VERSUS AI SUPPORT.

The data reveals a complex attitude towards AI and human interactions with consumers, with a notable increase in preference for human interaction for those over the age of 35.

While AI receives a moderate amount of trust across segments, it is still not seen as a replacement for human expertise. Instead, it should be used to minimise friction in the purchasing process and support customer service, particularly in complex scenarios that require risk assessment, market analysis, and a deep understanding of individual customer needs and goals.

customer experience is the #1 REASON to leave your bank.

By significant margins, a lack of customer experience (CX) is the primary factor influencing consumers to leave their financial service provider. It is also the leading reason why consumers choose their provider over another.

Strong CX, coupled with effective digital tool integration, is key to acquiring clients across all age groups.

ALUMNI INSIGHTS PORTAL

ANALYSE THE DATA BEHIND THE STUDY.

For a limited time period, you can enjoy an exclusive 7-day free trial to analyse the responses to all the study’s questions and filtered based on various demographics.