Reportlinker Adds the Authenticity Consumer Trend in Financial Services: Honesty and Tradition
NEW YORK, Dec. 8, 2010 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
The Authenticity Consumer Trend in Financial Services: Honesty and Tradition
Introduction
In the recovering Financial Services marketplace new and existing providers are competing to grow their share of an increasingly wary and cynical customer base. Datamonitor has identified ten consumer trends that provide a vital tool for providers wanting to succeed. The need to understand why consumers value Authenticity and how this trend drives consumer behavior is more important than ever.
Features and benefits
Actionable strategies for providers of a range of financial services products will help boost customer retention and increase revenue.
A global scope, with regional and country level analysis, allows for trend tracking across markets.
Highlights
The tracking of consumer trends is fundamental to success in an increasingly competitive marketplace. Following the evolution of trends allows financial services providers to understand and address the needs of consumers'.
After the global financial downturn in which many consumers had their fingers burnt there is a desire for honesty and transparency from FS providers. Consumers focus on quality and achievement rather than cost. The demand for Authenticity is high and FS providers should be looking to target this trend.
Your key questions answered
Understand the drivers of consumer behavior in financial services and how best to target these trends.
The latest thinking and evidence highlighting consumer trend development aids trend tracking, which is vital for long-term success.
TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
The FS landscape has changed post-downturn 2
The Megatrends have different levels of importance across the globe 3
The Authenticity Megatrend is about 'keeping it real' 3
FS providers should target Authenticity 4
Introduction: The Importance of Trend Tracking to Financial Services 10
The post-recessionary FS market presents new challenges for the industry 10
Datamonitor is committed to creating a holistic view of 'the consumer' 11
Tracking consumer Megatrends is fundamental to long-term success 13
The Megatrends have different levels of importance for consumers across the globe 18
The desire for Authenticity is driven by the nature of the economic downturn 19
The Future Decoded 22
The Authenticity Megatrend is about 'keeping it real' 22
The Authenticity Megatrend is comprised of key trends 22
The value of Authenticity is a tangible increase in retention and revenue 23
Insight: Communicating heritage and traditional values is vital to retaining consumers 30
Insight: Authenticity and honesty will help to break down the barriers created during the global financial crisis 40
Insight: Trading up is a difficult message to sell post-downturn 48
Action Points 52
Current account providers need to build a strong brand message based on honesty 52
Savings providers should seek to assure consumers of their stability 55
Credit card providers should promote transparency and real rewards 56
Mortgage providers should make choosing a product more straightforward 58
Providers of loans must ensure that their products are straightforward 60
General insurance providers must make policy terms more accessible 60
Life insurance providers must promote traditional values 62
Pension providers can use Authenticity to promote stability and longevity 63
Appendix 65
Additional data 65
Definitions 73
Methodology 74
Further reading 75
Ask the analyst 75
Datamonitor consulting 76
Disclaimer 76
TABLE OF FIGURES
Figure 1: Consumer behavior and the innovations targeting it inevitably fit into a 'trend hierarchy' 3
Figure 2: Looking at consumers as a whole will help to address their needs 12
Figure 3: Datamonitor's Megatrends have a long-term and substantive impact on the marketing landscape and can be grouped into tow categories 15
Figure 4: Authenticity is the megatrend most in demand from consumers 19
Figure 5: Growth markets see the greatest demand for Authenticity from consumers 20
Figure 6: There are three key trends within Authenticity which are particularly relevant to the FS sector 23
Figure 7: Targeting Authenticity will help providers to increase customer retention and revenue across all regions 24
Figure 8: Consumers in the BRIC countries and South Africa expressed the highest demand for Authenticity 25
Figure 9: Increasing demand for Authenticity with age means that younger consumers will be retained through a message of Authenticity 27
Figure 10: Consumers who desire Authenticity have a greater holding of FS products 28
Figure 11: Targeting Authenticity will target the consumers with the highest income 29
Figure 12: Spanish consumers are most concerned about heritage in Europe, having experienced a number of bank failures 32
Figure 13: Consumers in France are particularly concerned about traditional values such as good customer service 33
Figure 14: Consumers in the Asia Pacific region are most concerned about using a known brand for their FS 34
Figure 15: A greater proportion of Australian consumers want traditional values 35
Figure 16: Russian consumers have the strongest desire of all consumers globally for heritage 36
Figure 17: South African consumers express a high demand for traditional values 37
Figure 18: Consumers in North America are not as concerned with heritage as consumers globally 38
Figure 19: FS providers in the US must ensure that they are communicating traditional values 39
Figure 20: South African consumers believe strongly in both honesty and transparency 43
Figure 21: Honesty is of particular importance to Japanese consumers 44
Figure 22: Honesty from FS providers is vital to consumers in Europe 45
Figure 23: Consumers in Canada show a lower demand for honesty and transparency 46
Figure 24: Aspirational consumers in the BRIC countries will trade up for a better banking service 48
Figure 25: The ethicality of the Co-operative Financial Services brand message conveys integrity and stability 51
Figure 26: Westpac's 'local banker' campaign demonstrates how traditional values can be introduced by FS providers 52
Figure 27: Triodos Bank shows consumers where their money is being invested 54
Figure 28: ANZ's credit card repayment calculator aids transparency and helps consumers to pay their balance 55
Figure 29: National Australia Bank provides a series of tools to help consumers calculate all aspects of a mortgage 57
Figure 30: Hiscox Insurance's brand message encapsulates the Authenticity Megatrend 59
Figure 31: Aviva's retirement income calculator helps consumers to understand their annuity choices 61
TABLE OF TABLES
Table 1: What attributes do you look for in a Financial Services provider? 42
Table 2: Consumers (%) who demand Authenticity, by country 65
Table 3: Consumers (%) who demand Authenticity, by age 65
Table 4: Which (if any) of the following financial products do you currently have? 66
Table 5: Consumers who demand Authenticity (%), by income group 66
Table 6: To what extent do you agree with the following statement: It is vital to me that my FS provider has been around for a long time 67
Table 7: To what extent do you agree with the following statement: My FS provider must communicate traditional values 68
Table 8: To what extent do you agree with the following statement: I would not trust a brand I had not heard of with my money 69
Table 9: To what extent do you agree with the following statement: My FS provider must tell me when it has made a mistake 70
Table 10: To what extent do you agree with the following statement: My FS provider must be simple and straightforward in its communications 71
Table 11: To what extent do you agree with the following: I am happy to pay a fee for premium banking facilities 72
To order this report:
Financial Services Industry: The Authenticity Consumer Trend in Financial Services: Honesty and Tradition
Financial Services Business News
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