As consumers face a rocky global economic climate, they also lean on their preferred financial institutions as trusted protectors of their data and privacy. The financial services sector has never been more pressured to establish deep, valuable relationships with its customers than it is today.
But while consumers expect financial services institutions to be ethical and meticulous when it comes to their personal data, they equally desire the personalized experiences that drive loyalty – which they’ve come to expect with brands they do business with.
Marigold — a global martech leader focused on delivering relationship marketing solutions that help marketers acquire, grow and retain customers — recently released research to support the growing demands of consumers as they navigate their financial services options. This research comes at a time when, according to the report, consumers are deeply concerned about global economic uncertainty, with 60% feeling “very pessimistic” about both the rising cost of living and the economic outlook.
According to the new Financial Services Forecast 2023 Consumer Trends Index from Marigold, there are several key elements where marketers should focus to meet customer needs amid these concerns about privacy and the broader economic climate.
Key findings include:
These insights into consumer expectations provide opportunities for fintech companies to focus on building deep relationships with customers. By ensuring data privacy, reinforcing trust, and providing personalized experiences, financial providers can continue to develop loyalty amid concerns of further economic disruption.
The 2023 Consumer Trends Survey builds on insights from previous years and helps understand the latest consumer trends. The insights are based on responses from 6,800 surveyed consumers across six markets (Australia & New Zealand, France, Japan, Spain, United Kingdom, and the United States). The responses cover a nationally representative sample in each market across age and gender, and includes responses from consumers representing different household income bands. The data was collected in October-November 2022.