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Digital Consumer Landscape: Financial Services Results

Twenty percent of consumers surveyed for purchases of financial services products researched online, but purchased offline ("ROPO").

Financial services consumers value simplicity and clarity, but find instead complexity and opacity. Across all stages, financial services consumers desired online options the most, and ideally would have used more online self-service. Consumers are especially frustrated by the need to call staff to clarify information and negotiate prices. Superannuation consumers found it harder to find information about price than any other occasion, were most dissatisfied at all stages.

Younger generations are harder to satisfy than older generations (80% of millennials were satisfied at the purchase stage, compared to 91% of silvers).

What Do Australian Financial Services Consumers Want?

Consumers purchasing financial services want simplified, fast, and reliable solutions. Across all stages (from research to post-purchase), financial services consumers wanted online options the most, and ideally want more of them.

In financial services, the product dictated the amount of human touch consumers desired—with home loan buyers wanting more in person contact than any other occasion.

For financial services consumers, data-driven personalization can alleviate pain points at all stages of a customer's purchasing journey. Consumers desire more control over their data since 2016, but also require a more personalized service. In addition, the benefits for a consumer in sharing their data should be made clear, tangible and immediate.

Meet BCG's Financial Services Experts in Australia

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