Hero Digital's Financial Services Report Illuminates Generational Insights for Digital Transformation

SAN FRANCISCO, March 9, 2022 /PRNewswire/ -- Hero Digital, a leading independent digital transformation company, has released its Financial Services Truth & Beauty Index. This comprehensive financial services customer insights report illuminates what people value most across four generations—Gen Z, Millennial, Gen X and Boomer—and three sub-sectors—retail banking, investing and mortgages.

Financial services leaders are racing to keep up with a new generation of customers and clients. People expect privacy and security, cryptocurrencies have become mainstream, and mobile banking and investing are widely used.

Managing people's important assets, financial services companies must develop genuine partnerships through digital means. Hero Digital's Financial Services Truth & Beauty Index lets you see the hidden attributes that drive both brand choice and brand advocacy.

According to Hero Digital's report, functional attributes—like quality and convenience—drive choice. While emotional attributes—like empowerment—drive brand advocacy.

Key generational findings include:

• 20% of Gen Z customers rank ease and access as top customer experience attributes when recommending a financial services company.
• 40% of Millennials rank privacy and trust as top customer experience attributes when recommending a financial services company.
• 40% of Gen X customers rank empowerment and disruption as top customer experience attributes when recommending a financial services company.
• 30% of Boomers rank price and stature as top customer experience attributes when recommending a financial services company.

Digital transformation is accelerating across every sector of the financial services industry. Neo-banks are challenging traditional banks, investing is becoming decentralized, and new cryptocurrencies are created every year. For many customers, mobile banking, payment, and money transfer platforms are now the norm.

At the same time, uncertainty, extreme volatility, and financial complexity are increasing the pace of regulatory change. The economic impact of the pandemic has also pushed people to solutions that help them stretch their budgets.

"Banking isn't about the transactions anymore. Customers expect more from financial services brands, driven by increased digital adoption and the desire for access and control that's outlasting the immediate effects of the pandemic," said Sarah Ohle, VP of Strategy at Hero Digital. "Understanding specific customer mindsets across generations helps financial institutions meet their customers' needs and prepare for a bright digital future".

Digital transformation priorities by sub-sector include:

• Retail banks must make it easy for people to manage their finances while also embracing privacy and security.
• Investing leaders stand out by maximizing people's assets, protecting their data, and helping them with financial decisions.
• Mortgage leaders succeed by caring about their customers, giving them confidence, and empowering them to make difficult decisions.

Hero Digital's inaugural Index surveyed over 3,000 people across 52 brands in consumer goods, financial services, wellness, and healthcare. The index's framework identifies the attributes that are most likely to drive both customer choice and brand advocacy while providing a framework for successful digital transformation.

To download the full report, see how your brand stands up, and learn more about Hero Digital's Financial Services Truth & Beauty Index, please visit: https://herodigital.com/campaign/financial-services-truth-beauty-index/

About Hero Digital
Hero Digital is a leading independent digital customer experience company leveraging strategy, design, technology, marketing, and data, to solve the critical digital transformation needs of the Fortune 1000. Hero Digital's purpose is to bring moments of Truth & Beauty into people's lives by creating customer experiences that are good for people and good for business. Hero Digital's blended teams help Fortune 1000 companies like Comcast, U.S. Bank, Salesforce, Twitter, UnitedHealthcare, and TD Ameritrade Institutional invent, transform, and perform to deliver new business value.

To work with Hero Digital or learn more, visit www.herodigital.com.

Media Contact:
Richie Roesner
Walker Sands Communications
[email protected] 

SOURCE Hero Digital