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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

    • 02/09/17
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    EU consumer climate at its highest level in nine years

    Results of the GfK Consumer Climate Europe study for the fourth quarter of 2016
    • 01/27/17
    • Home Appliances
    • Financial Services
    • Consumer Health
    • Health Technology
    • Media and Entertainment
    • Retail
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Home and Living
    • Market Opportunities and Innovation
    • Global Study
    • Connected Consumer
    • Global
    • English

    More people firmly agree with sharing personal data, in return for rewards, than firmly disagree

    Those aged 30-40 are most likely to share data for rewards. China, Mexico and Russia lead for people willing to share data. Germany, France and Brazil have the most people not willing to share data.
    • 01/26/17
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    Consumer mood remains positive – GfK consumer forecast for 2016 proved accurate

    Findings of the GfK Consumer Climate Study for Germany for January 2017
    • 01/12/17
    • Financial Services
    • Technology
    • Connected Consumer
    • 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.
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