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Smart Insights: Financial Services

The competitive landscape has broadened significantly for the financial services industry. Trust (or lack of it) is a major issue. Consumers have fast access to online user reviews, financial product comparisons and easy switching of services, making them savvier and more demanding than ever before.

Successful finance industry players deliver differentiated products and services to suit varying customer needs and increase trust by emphasizing transparency and client data security.

Our financial service research experts analyze market trends to deliver consumer insight and help you develop winning finance product and service strategies for your customers.

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Latest insights

Here you can find the latest insights for financial services industry. View all insights

    • 01/12/17
    • Financial Services
    • Technology
    • Global
    • English

    The future of FinTech goes far beyond mobile wallets

    I must admit that I find the term “mobile wallet” a little silly. After all, wallets have always been mobile, right? At the same time, I am not at all averse to the idea of making transactions with my phone. I’m getting the hang of accessing coupons in stores, and I felt pretty cool the first time I got into the movies by having the ticket-taker scan my phone. I’m sure I will continue to move in this direction, although I consider myself mainstream rather than an early adopter in the area of financial technology (aka FinTech).

    Digital payment

    Pundits have been talking about the pros and cons of mobile wallets for several years now. Overall, these payment systems still face obstacles and adoption has been slow. Only 22 percent of American mobile phone users regularly pay for products by scanning, tapping, or passing their devices in stores, according to recent research conducted by GfK Consumer Life 2016. At the same time, other types of digital payment are entering the playing field, such as the UPI system introduced in India last year, which moves funds directly from the consumer’s financial account to the merchant’s without a middleman. India will be an important market to watch in terms of the shakeout among digital payment systems following demonetization. Indeed, developing markets such as India and Nigeria will be testing grounds for FinTech in general, as indicated by the growing use of biometric identification ranging from fingerprints to facial recognition and palm veins.

    Seamless shopping

    The AmazonGo concept, currently in test mode in Seattle (where else?) goes beyond the financial transaction itself to tackle other deterrents of in-store shopping. The idea is this: You scan your phone as you enter the store and go along your merry way grabbing the items you want. Then you walk out of the store, and your Amazon account is automatically charged for your purchase. Some may like the idea of avoiding checkout lines or the need to swipe/insert/tap/scan their payment device of choice and wait for approval. But what tickles my fancy is the prospect of cutting a couple of steps out of the usual tedious process of putting things in a cart, taking them out of the cart, putting them back in the cart, putting them in the car and taking them out of the car. If this idea catches on, I will be on board with it much faster than I am with self-checkout, which I personally find no improvement over regular checkout aisles. In the case of AmazonGo, the potential is not merely a streamlined financial transaction, but a streamlined shopping experience.

    Conclusion

    Ultimately, consumers will adopt FinTech to the extent that it makes their lives easier. Being different for novelty’s sake will only draw in the earliest adopters; the rest of us need to be sold on more practical benefits.
    • 12/23/16
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    Consumer climate index to enjoy a strong start to the new year

    Findings of the GfK Consumer Climate Study for Germany for December 2016
    • 12/20/16
    • Financial Services
    • Technology
    • Connected Consumer
    • Global
    • English

    2016: A technology-driven marketplace of Connected Consumers

    2016 was another banner year for Connected Consumers, who saw a number of new technologies emerge in a variety of categories across the marketplace.  Virtually every industry is adapting to a customer base that is becoming increasingly connected, changing the way they have conversations and relationships with brands.  But new connected products and services do not come without their challenges, which typically revolve around user experience and consumer awareness.

    Embracing the impact of technology

    Connected consumers of today are changing the existing value system and harnessing technology to reinvent themselves, their lives and their communities.  And the three key drivers of these changes are freedom, acceleration and intimacy.  It is obvious that trends in technology are growing and expanding rapidly… so, how can you maximize the opportunities that Connected Consumers offer?
    1. Provide them with freedom by making their lives convenient
    2. Give attention to acceleration by grabbing their attention quickly
    3. Redefine intimacy by getting up close and personal

    Stepping inside the smart home

    In the smart home category, there’s no shortage of offerings available, but the adoption of smart home products has been pedestrian thus far.  Our global study indicates that the appeal is there, but the benefits need to be more clearly communicated to consumers, who lack familiarity with the smart home category.  To find success, product developers must understand the varying needs in specific markets and communicate how smart home technology can seamlessly enhance the lives of consumers.

    Traveling in a connected world

    The travel and hospitality industry is getting smarter.  Invisible analytics, wearables, virtual reality and other technologies are revolutionizing the way that people research, shop for and experience travel.  From smart hotels to sporting events and music festivals, the connected traveler is able to unlock the world as they go, providing travel brands with new ways to engage them.  But disruptive competition and an overcrowded marketplace remain common roadblocks.  In the quest for customer loyalty, the companies that take a holistic view of each step of the purchase journey will be successful in understanding and anticipating market developments.

    Shopping in the future of retail

    In the Future of Retail, shopping isn’t all digital.  Connected Consumers still embrace the role of the store, shopping as much for an experience as for a product.  But online shopping offers another dimension, where Connected Consumers can compare prices and don’t have to wait in line to make a purchase.  Successful retailers will combine the positive facets from both channels, streamlining online shopping while also delivering on the promise of the in-store experience.

    A revolution in fashion and lifestyle

    While retailers experiment with omnichannel shopping, fashion and lifestyle brands are experiencing a revolution of their own.  Whether a pure online player, a local hero or a traditional fashion retail chain, it is vital to understand how consumers are changing in order to anticipate and prepare for the next season and beyond.  New paths to purchase have opened the door for competition, expanding the fight for customer loyalty to new frontiers.  Making sure your brand can be found and amplifying it with social media are ways to take control of the shopper’s purchase journey, but don’t forget the crucial role of the store.

    The future of financial services

    Financial services are another category being revolutionized by Connected Consumers.  From mobile payments to digital banking, Connected Consumers demand that their financial institutions are proactive and transparent.  Connected devices will play a key role in the future of payments, but players in the market must establish and communicate the importance of data security to build trust before adoption truly takes off.

    Programmatic advertising and the future of media

    Broadcast and print media has gone digital too, changing the way that Connected Consumers experience content and the devices they experience it on.  Media measurement is now more complicated than ever, with cross-device usage varying between markets and sociodemographics.  Programmatic advertising allows brands to deliver messages that resonate by building a single customer view that puts individual consumers at the center of marketing.

    Conclusion

    From brick and mortar stores to online shopping, and from inside the home to travels abroad, connected devices are changing the way that we see and interact with the world.  However, for innovation to truly thrive, Connected Consumers must be put at the heart of the connected revolution.

    Get up close and personal with the Connected Consumer

    What every brand needs to know
    • 11/24/16
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    Consumer climate stabilizes at the end of the year

    Findings of the GfK Consumer Climate Study for Germany for November 2016
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