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1、SPECIAL INDUSTRY VERTICAL REPORTAugust 2023Dentsu Consumer Navigator:Financial Services&Insurance2023|Navigator|Navigatordentsu Consumer Navigator Financial Services&Insurance 2023About this studyConducted by dentsu,this survey was fielded on July 27thvia online panel,Toluna.It is distributed among
2、a random sample of 800 respondents,18-years-of age or older and residing in the United States.The survey garners an equal number of male and female respondents and controls for nationally representative weighting across race and ethnicity(using the latest publicly available U.S.Census numbers).Conte
3、nts0101Top Consumer InsightsTop Consumer Insights02Financial Education&Trust in Financial Education&Trust in U.S.Financial InstitutionsU.S.Financial Institutions03Mindsets&Drivers Informing Mindsets&Drivers Informing Americans Banking Americans Banking Relationships Relationships 04InIn-person vs.Re
4、mote vs.person vs.Remote vs.Online BankingOnline Banking05How Americans Navigate the How Americans Navigate the Insurance Provider Insurance Provider LandscapeLandscape06Attitudes and Engagement in Attitudes and Engagement in Financial InvestmentsFinancial Investments07Closing ThoughtsClosing Though
5、tsdentsu Consumer Navigator Financial Services&Insurance 20234While Americans consider themselves fairly knowledgeable when it While Americans consider themselves fairly knowledgeable when it comes to financial matters,certain topics pose a challenge and comes to financial matters,certain topics pos
6、e a challenge and certain audiences feel less confident.certain audiences feel less confident.Investing,planning for retirement and optimizing fees are financial topics that consumers feel less confident about.Our survey finds women and Gen Z are less likely to consider themselves knowledgeable,whil
7、e Black Americans and Millennials are more likely to feel confident.Almost 2 in 5 consumers think the U.S.government doesnt do enough Almost 2 in 5 consumers think the U.S.government doesnt do enough to regulate financial institutions.to regulate financial institutions.The sentiment is possibly info
8、rmed by the recent regional banking crisis or potentially by headline-making scandals.Boomers and women are most likely to concur.Consumers say they prefer to consolidate their financial relationships,Consumers say they prefer to consolidate their financial relationships,but in reality,are adding mo
9、re.but in reality,are adding more.Three quarters of Americans would prefer to consolidate their financial service relationships with fewer financial service providers.Yet,over a third report adding a new relationship in the last 12 months,particularly Gen Z and Millennials.01dentsu Consumer Navigato
10、r Financial Services&Insurance 2023While openness to using digital banks is prevalent,1 in 3 customers visit While openness to using digital banks is prevalent,1 in 3 customers visit a physical location at least once a week.a physical location at least once a week.In-person visits to the branch tend
11、 to be preferred because customers are more comfortable seeking human interactions for complex needs.Interestingly,consumers who are open to relationships with digital-only banks visit physical branches more often,citing guidance and advice as reasons.Consumers prefer to only hold a few insurance re
12、lationships,mirroring Consumers prefer to only hold a few insurance relationships,mirroring their preferences in financetheir preferences in finance.Lower household income consumers are less likely to be insured,while those with higher incomes are significantly more likely to hold multiple insurance
13、 relationships.They are also more likely to have a life insurance,home insurance,and auto insurance policy.While trading has become mainstream,lower income households and While trading has become mainstream,lower income households and wwomen still face barriers to investing.omen still face barriers
14、to investing.40%of lower income consumers and 37%of women say they do not hold any investments,compared to 28%of gen.pop.Women are also more likely to report managing any investments they do have on their own,instead of using a service or advisor.This may stem from a fear of discrimination.Top Consu
15、mer InsightsFinancial Education&Trust in U.S.Financial Institutions|Navigator|Navigator02dentsu Consumer Navigator Financial Services&Insurance 2023In an uncertain economic environment,how confident do consumers feel in their own understanding of financial matters?Where do they turn to when they see
16、k financial information?And how much do they trust the institutions they rely on to manage and protect their finances?Two thirds of Americans consider themselves at least knowledgeable when it comes to financial matters;yet,investing and retirement planning remain a challenge for most.6dentsu Consum
17、er Navigator Financial Services&Insurance 202326%22%20%18%14%11%12%54%51%51%52%44%43%31%14%18%19%21%24%27%28%6%9%9%9%18%19%29%Tracking spending habitsManaging debtCreating a budget for a large purchaseSaving for future goals(buying a house,etc.)Optimizing fees&interest ratesPlanning for retirementIn
18、vesting and tradingHow Well Do You Feel You Understand the Following Financial Matters?Im an ExpertIm KnowledgeableIm a NoviceI Dont Know Much About It14%14%Average for“I I DONT KNOW DONT KNOW MUCH about it”MUCH about it”21%21%Average for“Im Im a NOVICE”a NOVICE”47%47%Average for“Im Im KNOWLEDGEABLE
19、”KNOWLEDGEABLE”18%18%Average for”Im”Im an EXPERT”an EXPERT”65%65%Knowledgeable/Knowledgeable/expertexpertWomen and Gen Z are less likely to describe themselves as knowledgeable on financial matters.Black Americans and Millennials are more likely to report feeling confident in their expertise.77%77%7
20、19%19%16%16%18%18%24%24%13%13%14%14%16%16%21%21%18%18%16%16%49%49%44%44%40%40%41%41%49%49%55%55%47%47%43%43%44%44%48%48%21%21%22%22%27%27%22%22%22%22%17%17%23%23%21%21%23%23%22%22%10%10%18%18%15%15%13%13%16%16%14%14%14%14%15%15%15%15%14%14%MenMenWomenWomenGen ZGen ZMillennialsMillennialsGen XGen XBo
21、omersBoomersAAPIAAPIBlackBlackHispanicHispanicWhiteWhiteHow Well Do You Feel You Understand Financial Matters?Avg.Im an expertAvg.Im knowledgeableAvg.Im a noviceAvg.I dont know much about itdentsu Consumer Navigator Financial Services&Insurance 2023Women are less likely to report feeling knowledgeab
22、le vs.men when it comes to investing&retirement planning.Black Americans are more likely to feel knowledgeable than other cohorts.77%77%817%17%6%6%10%10%19%19%17%17%11%11%38%38%25%25%36%36%31%31%26%26%31%31%26%26%29%29%24%24%29%29%33%33%28%28%19%19%39%39%30%30%21%21%24%24%31%31%MenMenWomenWomenAAPIA
23、APIBlackBlackHispanicHispanicWhiteWhiteHow Well Do You Feel You Understand INVESTING and TRADING?dentsu Consumer Navigator Financial Services&Insurance 202317%17%6%6%10%10%19%19%17%17%11%11%38%38%25%25%36%36%31%31%26%26%31%31%26%26%29%29%24%24%29%29%33%33%28%28%19%19%39%39%30%30%21%21%24%24%31%31%Me
24、nMenWomenWomenAAPIAAPIBlackBlackHispanicHispanicWhiteWhiteHow Well Do You Feel You Understand PLANNING for RETIREMENT?“Im an expert”“Im knowledgeable”Im a novice”“I dont know much about it”Many consumers report regularly consuming financial content whether via news,publications,or social media.Shopp
25、ing Habits Through Exclusivity&Convenience:Consumer Sentiment Study932%32%23%23%23%23%21%21%13%13%31%31%Which of the following best describes the sources you use to keep up with financial information?Most consumers who keep up with financial information do so via news programming.On the other end,3
26、in 10 say they rarely keep up with financial information.dentsu Consumer Navigator Financial Services&Insurance 2023I read/listen/watch financial news as part of the news programming I follow on a regular basisI am subscribed to one of more financial news publications(online or in print)and I active
27、ly seek financial contentI only engage with financial news every now and againI seek and keep up with financial content on social media I get most of my financial info from family and friendsI rarely keep up with financial news or updates at allMen are more likely to seek financial news and updates
28、than women.Black Americans are more likely to do so than other cohorts,which may lend itself to their confidence.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 202377%77%1030%30%39%39%24%24%15%15%24%24%17%17%16%16%32%32%
29、29%29%39%39%24%24%29%29%36%36%18%18%22%22%29%29%19%19%I am subscribed to one or more financialpublications(online or in print)I read/listen to/watch financial updates aspart of regular news programmingI consume financial info on social media on aregular basis%Who Agree with the Following Statements:
30、MenWomenAAPIBlackHispanicWhite24%24%9%9%23%23%21%21%17%17%39%39%34%34%13%13%33%33%12%12%18%18%21%21%15%15%29%29%18%18%13%13%34%34%I only engage with financial news every nowand againI get most of my info from family&friendsI rarely keep up with financial news or updates32%32%32%32%MMWWWWWWWWWWWWMMMM
31、MMA AB BH HWWA AB BH HWWMMA AB BH HWWMMA AB BH HWWA AB BH HWWA AB BH HWWAs a category,banks are not particularly trusted,but consumers do trust their primary bank.11dentsu Consumer Navigator Financial Services&Insurance 202318%24%30%30%47%37%40%31%37%31%31%24%23%22%16%14%13%16%11%6%Banks other than
32、the ones I work withMy other banksMy investment providersMy insurance companiesMy primary bankTo What Extent Do You Trust the Following Providers?CompletelyPartiallyModeratelyNot at allBanks that consumers dont have relationships with are the financial institutions they trust the least.This is consi
33、stent with the latest Edelman Trust Barometer,in which Financial Services is among the least trusted industry sectors.2 in 5 consumers think that the U.S.govt isnt doing enough to regulate financial institutions.This sentiment may be reinforced by the recent crisis in the regional banking sector.Boo
34、mers and women are especially likely to concur.77%77%12dentsu Consumer Navigator Financial Services&Insurance 2023The U.S.government DOES NOT DO ENOUGH to regulate financial institutions.39%39%The U.S.government DOES ENOUGH to regulate financial institutions.61%61%The U.S.government DOES NOT DO ENOU
35、GH to regulate financial institutions.GEN Z 38%MILLENNIALS 30%GEN X 38%BOOMERS 46%MEN 34%WOMEN 42%Americans think financial services in the U.S.are better,but more expensive than in most countries.Men are more likely to think highly of U.S.financial services vs.women.There are no significant differe
36、nces between the two cohorts when it comes to agreeing that financial services in the U.S.are more expensive.77%77%13dentsu Consumer Navigator Financial Services&Insurance 2023AGREE:Financial services in the U.S.are better than those offered in most countries73%74%AGREE:Financial services in the U.S
37、.are expensive considering the level of service provided and how it compares to other countriesMEN 77%WOMEN 69%MEN 73%WOMEN 75%IMPLICATIONS FOR MARKETERSIMPLICATIONS FOR MARKETERSFinancial education can be the key to building stronger customer relationships.Financial education can be the key to buil
38、ding stronger customer relationships.Our survey finds that Americans dont feel as secure in their knowledge of investing,planning for retirement,or optimizing fees and rates as they do with regards to other financial matters.Women and Gen Z consumers,in particular feel less secure in their understan
39、ding of financial matters overall.Building a reputation as an FSI brand that is invested in furthering the understanding of these matters(as opposed to monetizing this advancement in financial education)can help institutions gain trust and affinity,especially with these cohorts.Experiences build tru
40、stExperiences build trust.Our survey finds that the types of financial services institutions consumers trust the most are the ones that they have a relationship with,as well as the ones consumers also feel deliver the best customer experiences.Delivering fulfilling customer experiences is key to gai
41、ning trust and building a strong brand reputation.Prices are a gating factor for some audiencesPrices are a gating factor for some audiences.Three quarters of consumers believe financial services in the U.S.are overpriced.At the same time,our survey shows that lower income consumers feel less secure
42、(and therefore need more assistance from professionals)in their understanding of a broader set of financial matters.Lowering fees and rates can be a powerful strategy to attract a broader customer base.dentsu Consumer Navigator Financial Services&Insurance 2023Mindsets&Drivers Informing Americans Ba
43、nking Relationships|Navigator|Navigator03dentsu Consumer Navigator Financial Services&Insurance 2023In a landscape where regional banks are experiencing a significant crisis and new digital-first banks are emerging as an alternative to traditional financial services brands,what is Americans general
44、attitude to banking relationships?Less is more or best in-class?Which brands are they most familiar with?And what are the circumstances driving them to consider new banking relationships?Almost all Americans have a relationship with financial institutions.Shopping Habits Through Exclusivity&Convenie
45、nce:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 20231681%Of respondents have a DIRECT PERSONAL DIRECT PERSONAL relationship with financial institutionsPredictably,younger consumers are less likely have a direct relationship than other generations.Hispanic and Black
46、 Americans are less likely to have a direct relationship with financial institutions than other cohorts.19%19%16%16%12%12%3%3%10%10%12%12%15%15%12%12%17%17%8%8%4%4%2%2%10%10%16%16%12%12%4%4%64%64%77%77%84%84%95%95%80%80%72%72%72%72%84%84%Gen ZGen ZMillennialsMillennialsGen XGen XBoomersBoomersAAPIAA
47、PIBlackBlackHispanicHispanicWhiteWhiteI DONT have a relationshipI have a relationship THROUGH FAMILY MEMBERSI have a DIRECT relationship8%Of respondents have a relationship with financial institutions THROUGH THROUGH FAMILY MEMBERSFAMILY MEMBERS11%Of respondents DONT HAVE DONT HAVE have a relationsh
48、ip with financial institutions89%have a relationshipDo you use banking services,either through a direct relationship as account holder or through your family members plans?Checking accounts are the cornerstone of banking relationships.Shopping Habits Through Exclusivity&Convenience:Consumer Sentimen
49、t Study77%77%1787%87%71%71%68%68%20%20%18%18%16%16%9%9%1%1%1%1%Checking accountSavings accountCredit cardHome loanCar loanBusiness bank accountSchool loanOtherNone of the aboveWhich of the following bank accounts do you use at the financial institutions you have a relationship with?Savings accounts
50、and credit cards are also very commonly used services.dentsu Consumer Navigator Financial Services&Insurance 2023In fact,most customers define their primary bank based on where they have their checking account.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Study77%77%1836%36%23%2
51、3%17%17%11%11%7%7%5%5%The bank I have my checking/savings accounts withThe bank I use for most of my transactions(in person and/or online)The bank where my salary/pension is deposited into on a regular basisThe bank I use for the widest range of servicesThe bank me&most of my family members use for
52、joint plansThe bank I use for branch servicesWhich of the following would you define as your primary bank?On the other end,only 5%of respondents associate the notion of primary bank with branch services.dentsu Consumer Navigator Financial Services&Insurance 2023Three quarters of Americans would pref
53、er to consolidate their financial service relationships with fewer financial service providers.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 202319I prefer to have accounts at multiple financial instutions if it means I
54、 can have the best of each of the services I need26%26%I prefer to consolidate my money and accounts between a select few financial institutions74%74%Consumers Overall Attitude to FSI RelationshipsI prefer consolidating my money and accounts across few select financial institutions.GEN Z 81%MILLENNI
55、ALS 72%GEN X 70%BOOMERS 76%Gen Z consumers are most likely to want to consolidate their money and accounts across fewer relationships.This desire for consolidation drives most financial services customers to have only one or two financial relationships.Black and Hispanic Americans are likely to have
56、 fewer banking relationships than gen.pop.2023%23%31%31%25%25%26%26%24%24%32%32%42%42%41%41%35%35%34%34%24%24%17%17%21%21%19%19%23%23%9%9%4%4%2%2%12%12%8%8%5%5%2%2%2%2%8%8%5%5%5%5%1%1%4%4%0%0%4%4%WhiteWhiteHispanicHispanicBlackBlackAAPIAAPIAll customersAll customersHow Many Financial Institutions Do
57、 You Have Relationships With?OneOneTwoTwoThreeThreeFourFourFiveFiveSix or moreSix or moredentsu Consumer Navigator Financial Services&Insurance 202358%58%=Have relationships with 1 or 2 banksYet,1 in 3 added a new banking/financial services relationships in the last 12 months.Shopping Habits Through
58、 Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 20232135%Of respondents added a new bank to their primary one in the last 12 monthsGEN Z 50%MILLENNIALS 56%GEN X 32%BOOMERS 14%AAPI 27%BLACK 53%HISPANIC 38%WHITE 33%Despite saying they prefer to c
59、onsolidate their financial relationships,in reality,many consumers are adding more.Interestingly,younger consumers,including Gen Z who were especially likely to want to consolidate relationships,are most likely to have added one.Black Americans are also more likely to have added a new banking relati
60、onship.Consumers report being fairly satisfied with their primary banking relationships.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 202322Somewhat unsatisfied8%8%Completely unsatisfied7%7%Somewhat satisfied29%29%Compl
61、etely satisfied56%56%85%Of respondents are satisfied with their primary bankSatisfaction With Primary Banking RelationshipAnd see their primary banks as delivering excellent customer experience(while negative customer experiences are more likely to be associated with investment providers).23dentsu C
62、onsumer Navigator Financial Services&Insurance 202320%24%28%34%50%48%52%46%46%38%28%19%21%15%9%4%5%5%5%3%Banks other than the ones I work withMy other banksMy investment providersMy insurance companiesMy primary bankHow Would You Rate the Customer Experience Delivered by the Following?ExcellentSatis
63、factoryMediocreAppallingInstead,the disconnect between consumer desire for fewer relationships vs.the reality of consumers adding more providers seems about the sense of security.2428%28%27%27%24%24%22%22%22%22%22%22%20%20%20%20%20%20%19%19%19%19%18%18%17%17%17%17%17%17%15%15%15%15%12%12%2%2%Competi
64、tive interest ratesI want to have money in more than one bankEasy ATM accessI like to use different banks for different needsLow feesSecurity&fraud protectionSeamless online/mobile accessQuality customer serviceStrong corporate valuesGood brand reputationBreadth of products/services&accounts offered
65、Third party recommendationsProximity to a physical branch locationRoots in my local communityFinancial education&adviceFriends or family recommendationsFriendly staff&representativesNumber of physical locations in the countryOtherWhat are the key reasons why added a new banking relationship?dentsu C
66、onsumer Navigator Financial Services&Insurance 2023Consumers seem to derive a sense of security from spreading their money around and using different banks for different needs.This desire for security is likely reinforced by the regional banking crisis.Fewer customers switched their primary bank in
67、the last year than added a relationship.Key reasons tend to be related to ease and convenience.2531%31%27%27%26%26%25%25%24%24%24%24%23%23%22%22%22%22%21%21%19%19%18%18%18%18%17%17%15%15%12%12%4%4%Easy ATM accessSeamless online/mobile accessFriends or family recommendationsLow feesSecurity&fraud pro
68、tectionGood brand reputationQuality customer serviceFriendly staff&representativesBreadth of products/services&accounts offeredProximity to a physical branch locationStrong corporate valuesThird party recommendationsCompetitive interest ratesRoots in my local communityFinancial education&adviceNumbe
69、r of physical locations in the countryOtherWhat are the key reasons why you switched to your new primary bank?dentsu Consumer Navigator Financial Services&Insurance 202319%Of respondents have switched their primary bank in the last 12 monthsBank of America,Wells Fargo,Capital One and JP Morgan Chase
70、 are the most known and used financial institutions.77%77%2673%73%70%70%67%67%60%60%51%51%41%41%41%41%39%39%38%38%34%34%26%26%22%22%18%18%12%12%5%5%Bank of AmericaWells FargoCapital OneJP Morgan ChaseChimePNCAllySoFiCitizensTDTruistM&T BankDaveBettermentNoneId rather not saydentsu Consumer Navigator
71、 Financial Services&Insurance 202329%29%23%23%24%24%22%22%14%14%6%6%5%5%7%7%6%6%7%7%4%4%4%4%5%5%2%2%17%17%3%3%Bank of AmericaWells FargoCapital OneJP Morgan ChaseChimePNCAllySoFiCitizensTDTruistM&T BankDaveBettermentNoneId rather not sayBank of AmericaWells FargoCapital OneJP Morgan ChaseChimePNCAll
72、ySoFiCitizensTDTruistM&T BankDaveBettermentNone of the aboveId rather not sayWhich of the Following Banks Are You AWARE OF?Which of the Following Do You HAVE A RELATIONSHIP WITH?A quarter of customers explore new relationships with financial institutions based on their products,but lifestyle changes
73、 are also an often-cited reason.27dentsu Consumer Navigator Financial Services&Insurance 202320%20%16%16%19%19%15%15%14%14%7%7%9%9%8%8%7%7%7%7%7%7%4%4%5%5%4%4%37%37%Bank of AmericaWells FargoCapital OneJP Morgan ChaseChimePNCAllySoFiCitizensTDTruistM&T BankDaveBettermentNoneWhich of the Following Ha
74、s Ever Led You to Evaluate Your Relationship with a Financial Institution and/or Explore New Ones?A new bank is offering financial products offering financial products that I consider more competitive or better suited to my needs27%27%RelocatingRelocating(for personal or professional reasons)and hav
75、ing a relationship with a bank I can visit in person 20%20%Lifestyle changes Lifestyle changes of a personal nature(e.g.,marriage,divorce,having kids,loss of a family member)18%18%My current bank does something that clashes with my values17%17%I learn something new about a banks services that fits m
76、y lifestyle and needs through advertising,reading a blog,etc.16%16%A friend or family member recommends I switch banks15%15%Reaching a financial goal or pursuing an aspiration(e.g.,having enough to retire,purchasing a vacation home,etc.)15%15%Lifestyle changes of a professional nature(e.g.,switching
77、 employers/careers,promotion,job loss,etc.)15%15%The economic environment12%12%None of the above25%25%Which of the Following Would You Consider SWITCHING TO?IMPLICATIONS FOR MARKETERSIMPLICATIONS FOR MARKETERSOffering a broad set of services is important,but providing competitive rates on basic Offe
78、ring a broad set of services is important,but providing competitive rates on basic services services is table stakes.is table stakes.Americans prefer having fewer banking relationships,so offering a variety of programs is recommended.However,it is becoming increasingly common for customers to branch
79、 out and add additional banks to their roster of relationships.At the end of the day,checking and savings accounts are the most frequently used services at primary banks and more competitive rates for these services is likely to lead to switching.Developing seamless online experiences is an investme
80、nt in customer retention.Developing seamless online experiences is an investment in customer retention.27%of financial institutions customers indicated seamless online/mobile access as a reason for switching their primary bank.With the emergence of pure-digital players,improving the online customer
81、experience is more important than ever for traditional players looking to retain their customer base.Highlight your role as a dynamic lifestyle enabler.Highlight your role as a dynamic lifestyle enabler.Lifestyle changes of a personal nature are often cited as a reason for adding new banking relatio
82、nships.As people grow into new life stages and develop new sets of needs,financial services brands can highlight a broad set of services and how their value proposition is built to adapt as consumers journey unfolds.This will also cater to consumers desire to have fewer banking relationships.dentsu
83、Consumer Navigator Financial Services&Insurance 2023In-person vs.Remote vs.Online Banking|Navigator|Navigator03dentsu Consumer Navigator Financial Services&Insurance 2023A number of digital banks have emerged in the financial services market,taking advantage of innovations in the FinTech space,as we
84、ll as our increasing comfort with carrying out a broader set of daily activities online.How open are U.S.consumers to establishing relationships with these new providers?How often are bank branches visited in person now that online banking is a table stake service?What are the drivers that lead cons
85、umers to favor one mode of interacting with their bank over another?AAPI 67%BLACK66%HISPANIC 64%WHITE 54%MEN 63%WOMEN51%The majority of consumers are open to having relationships with digital-only banks.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator
86、 Financial Services&Insurance 20233057%Of respondents said theyre open to having relationships with purely digital banksdigital banksGEN Z 65%MILLENNIALS 74%GEN X 61%BOOMERS 36%Millennials are most likely to indicate openness.On the other hand,women and white Americans are significantly less likely
87、to be open to it than other cohorts.While openness to using digital banks is prevalent,one third of consumers still visit a physical location at least once a week.77%77%318%8%12%12%11%11%14%14%16%16%20%20%12%12%7%7%DailySeveral times a weekOnce a weekSeveral times a monthOnce a monthSeveral times a
88、yearOnce a year or lessI never visit financial institutions in personHow Often Do You Visit Financial Institutions Physical Location IN PERSON(Not Counting ATM)?More than half of those who go to the bank branch in person do so to take advantage of in-person teller services.Paying bills and resolving
89、 issues are also popular reasons for in-person visits.dentsu Consumer Navigator Financial Services&Insurance 202331%31%Once a week Once a week or more oftenor more often56%56%27%27%26%26%17%17%16%16%14%14%12%12%5%5%In-person teller servicesPaying billsIssue resolutionConsulting and advisory services
90、Investment servicesLoan or financing mattersNotary servicesOtherWhat Services Do You Use When You Go to Bank Branch IN PERSON?The desire for human interaction/support to resolve complex issues is a key reason people still frequent bank branches.Shopping Habits Through Exclusivity&Convenience:Consume
91、r Sentiment Study77%77%3243%43%41%41%28%28%27%27%16%16%10%10%9%9%9%9%I prefer speaking with someone in personIts easier to resolve complex issues at a branchThe branch offers multiple services at the same timeI get better service at a branchI need advice or guidanceThe branch offers attractive ameni
92、ties(e.g.,caf,free Wi-fi,etc.)I dont trust online banking servicesOtherWhy do you usually visit the bank branch instead of using the banks website,app,or call center?Less than 10%of customer cite not trusting online banking as their reason for going in person to the branch.dentsu Consumer Navigator
93、Financial Services&Insurance 2023Consumers who are open to relationships with digital-only banks say they visit physical branches more often.77%77%3311%11%16%16%12%12%14%14%14%14%13%13%11%11%9%9%3%3%7%7%10%10%14%14%19%19%31%31%13%13%3%3%DailySeveral times a weekOnce a weekSeveral times a monthOnce a
94、 monthSeveral times a yearOnce a year or lessI never visit financial institutions in personHow Often Do You Visit Financial Institutions Physical Location IN PERSON(Not Counting ATM)?OPEN to Digital-onlyOPEN to Digital-onlyNOT OPEN to Digital-onlyNOT OPEN to Digital-onlyThey cite the ease of resolvi
95、ng complex issues in-person,needing advice or guidance,and amenities as key reasons to go into branches.This indicates that interest in digital-only banks may only be for certain,simpler financial relationships(i.e.banking over investing).dentsu Consumer Navigator Financial Services&Insurance 202340
96、%40%43%43%31%31%27%27%21%21%14%14%8%8%10%10%47%47%37%37%24%24%27%27%9%9%5%5%9%9%9%9%I prefer speaking with someone inpersonIts easier to resolve complexissues at a branchThe branch offers multipleservices at the same timeI get better service at a branchI need advice or guidanceThe branch offers attr
97、activeamenities(e.g.,caf,free Wi-fi,I dont trust online banking servicesOtherWhy do you usually visit the bank branch instead of using the banks website,app,or call center?OPEN to Digital-onlyOPEN to Digital-onlyNOT OPEN to Digital-onlyNOT OPEN to Digital-onlyI prefer speaking with someone in person
98、Its easier to resolve complex issues at a branchThe branch offers multiple services at the same timeI get better service at a branchI need advice or guidanceThe branch offers attractive amenities(e.g.,caf,free Wi-fi,etc.)I dont trust online banking servicesOtherAlmost three-quarters of customers use
99、 online banking at least once a week.77%77%3424%24%33%33%15%15%14%14%6%6%2%2%1%1%5%5%DailySeveral times a weekOnce a weekSeveral times a monthOnce a monthSeveral times a yearOnce a year or lessI never visit financial institutions in personHow Often Do You Access an ONLINE Banking Service(On Any Devi
100、ce)?Most often,customers use online banking to check their balance.Interestingly,reading educational articles is also cited as a common driver,along with loan/financing applications.dentsu Consumer Navigator Financial Services&Insurance 202372%72%Once a week Once a week or more oftenor more often59%
101、59%34%34%33%33%28%28%27%27%25%25%19%19%15%15%Checking my balanceRead educational articles Loan or financing applicationsPaying billsUse online advice toolsLeverage investing servicesMoving funds between accountsManaging subscriptions/recurring paymentsWhich of the Following Do You Do Most Often When
102、 You Use ONLINE Banking(On Any Device)?A quarter of financial institutions customers have remote interactions with representatives at least once a week.77%77%356%6%9%9%9%9%7%7%11%11%19%19%20%20%18%18%DailySeveral times a weekOnce a weekSeveral times a monthOnce a monthSeveral times a yearOnce a year
103、 or lessI never interact with reps remotelyHow Often Do You Contact FS Reps REMOTELY(e.g.,Call Center Agents,Loan or Financing Assistants,Live Chats,etc.)Most often,customers have these interactions on the phone,but online banking portals and online chats are also popular options.dentsu Consumer Nav
104、igator Financial Services&Insurance 202324%24%Once a week Once a week or more oftenor more often55%55%35%35%31%31%25%25%13%13%11%11%1%1%Phone callOnline banking portalOnline chatInteractive mobile appVirtual experienceVideoconferencing serviceOtherWhich of the Following Do You Use for Your REMOTE IN
105、TERACTIONS With FS Representatives?IMPLICATIONS FOR MARKETERSIMPLICATIONS FOR MARKETERSEducational content is a huge opportunity for digital players.Educational content is a huge opportunity for digital players.A third of financial institutions customers cite reading educational articles as a reason
106、 for online banking.Our study shows that Millennials and Gen Z are more open to having relationships with purely digital banks.Seeing that the latter feel less secure in their understanding of financial matters,building a robust educational library can be a strong differentiator.Customer service is
107、key for traditional players.Customer service is key for traditional players.A significant percentage of Americans still prefer banking relationships that allow them to visit a physical branch to interact with someone in person.Consumers perception that complex issues are more easily solved in-person
108、,as well as that the branch experience guarantees better service needs to be repaid in order to keep new competitors at bay.Both traditional and new players need to develop online interactivity.Both traditional and new players need to develop online interactivity.Almost one quarter of customers inte
109、ract with representatives remotely and banking portals and online chats are often cited as preferred modes of interaction.This is the middle ground that customers expect to be able to leverage seamlessly and efficiently whether they are dealing with a traditional,or a pure-digital player.dentsu Cons
110、umer Navigator Financial Services&Insurance 2023How Americans Navigate the Insurance Provider Landscape|Navigator|Navigator04dentsu Consumer Navigator Financial Services&Insurance 2023Weve seen that Americans prefer consolidating their affairs across fewer banking relationships.Is their approach to
111、insurance policies the same?Which policies are most commonly used?And what criteria inform how insurance providers are selected?3 in 5 Americans hold an auto insurance policy,fewer hold home or life insurance.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Study77%77%3860%60%43%43
112、%40%40%18%18%13%13%11%11%10%10%10%10%9%9%17%17%Auto insuranceHome insuranceLife insuranceRenters insuranceMortgage insuranceLong-term care insuranceDisability insurancePet insuranceTravel insuranceNone of the aboveTypes of Insurance Policies Consumers HoldOverall,almost 1 in 5respondents indicated t
113、hat they have no insurance policies in place.dentsu Consumer Navigator Financial Services&Insurance 2023Lower household income consumers are less likely to be insured,while those with higher incomes are more likely to hold multiple insurance policies.Shopping Habits Through Exclusivity&Convenience:C
114、onsumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 202377%77%3948%48%29%29%27%27%24%24%47%47%57%57%11%11%73%73%62%62%65%65%3%3%49%49%31%31%35%35%18%18%46%46%45%45%25%25%21%21%45%45%24%24%24%24%18%18%66%66%41%41%49%49%15%15%Auto insuranceAuto insuranceLife insuranceLife ins
115、uranceHome insuranceHome insuranceNoneNoneTypes of Insurance Policies Consumers HoldHHI 100kHHI 100k AAPIBlackHispanicWhite73%73%White Americans are significantly more likely to have auto and home insurance policies than other groups.ABHWABHWABHWABHWMost consumers only hold relationships with 1-2 in
116、surance companies,mirroring their preferences for consolidating financial relationships.Customers with a higher household income are more likely to have relationships with multiple providers,reflecting their higher likelihood to be insured in general.4019%19%35%35%35%35%32%32%42%42%33%33%34%34%35%35
117、%26%26%20%20%15%15%19%19%6%6%8%8%8%8%8%8%2%2%2%2%2%2%2%2%2%2%0%0%1%1%1%1%HHI 100kHHI 100kHHI 50 100kHHI 50 100kHHI 50kHHI 50kAll customersAll customersHow Many Insurance Companies Do You Have Relationships With(Directly or Through Your Employer)?OneOneTwoTwoThreeThreeFourFourFiveFiveSix or moreSix o
118、r moredentsu Consumer Navigator Financial Services&Insurance 20236767%=Have relationships with 1 or 2 insurance providers7%4%When choosing insurance providers,rates and customer service are the most influential criteria in customers decision making.Shopping Habits Through Exclusivity&Convenience:Con
119、sumer Sentiment Study77%77%4149%49%42%42%36%36%35%35%23%23%17%17%16%16%10%10%9%9%RatesCustomer serviceExtent of coverage in my policiesBrand reputationFriends of family reccommendationsBreadth of policies offeredOnline experiencesCorporate valuesThird-party reccommendationsWhich of the Following Cri
120、teria Influence You the Most When Choosing an Insurance Provider to Establish or Maintain a Direct Relationship With?Policy coverage and brand reputation are also significantly influential.dentsu Consumer Navigator Financial Services&Insurance 2023Criteria influencing insurance provider preferences
121、vary significantly between men vs.women and across generations.Shopping Habits Through Exclusivity&Convenience:Consumer Sentiment Studydentsu Consumer Navigator Financial Services&Insurance 202377%77%4246%46%39%39%35%35%37%37%23%23%46%46%37%37%34%34%24%24%25%25%30%30%32%32%26%26%26%26%33%33%37%37%31
122、%31%32%32%26%26%54%54%45%45%32%32%35%35%22%22%72%72%50%50%48%48%44%44%19%19%RatesRatesCustomer serviceCustomer serviceExtent of coverageExtent of coverageBrand reputationBrand reputationFriends and family reccosFriends and family reccosCriteria Influencing Choice of Insurance ProvidersMenWomenGen ZM
123、illennialsGen XBoomers52%52%Boomers place greater importance on rates,the extent of the coverage and brand reputation than younger consumers.17%17%16%16%12%12%7%7%23%23%15%15%8%8%11%11%24%24%23%23%26%26%19%19%19%19%26%26%13%13%25%25%17%17%17%17%26%26%16%16%15%15%8%8%8%8%22%22%16%16%4%4%2%2%2%2%19%19
124、%Bredth of policiesBredth of policiesOnline experiencesOnline experiencesCorporate valuesCorporate values3rd party reccos3rd party reccosFriends and family reccosFriends and family reccos16%16%MMWWMMWWMMWWMMWWMMWWMMWWMMWWMMWWMMWWMMWWIMPLICATIONS FOR MARKETERSIMPLICATIONS FOR MARKETERSA broad set of
125、policy offerings may be expected.A broad set of policy offerings may be expected.Two thirds of Americans report having relationships with 2 insurance providers at most,despite the wide variety of policies they have in place.This suggests that breadth of policies offered is a selection criteria that
126、hasnt garnered a lot of preferences because customers may consider this table stakes.Brand and people move the needle.Brand and people move the needle.In our Healthcare Navigator published earlier this year,we saw that customers are paying a lot of attention to the digital customer experiences provi
127、ded by their health insurance,which they regularly engage with to submit claims.Conversely,this study finds that customer service and brand reputation are more influential than online experiences when customers are evaluating auto,home,and life insurance companies.Position insurance as a safety net,
128、rather than a perk.Lower income household consumers are less likely to be insured.This is likely due to a gap in more affordable programs,especially in the life insurance space.Consider how such programs could be structured and marketed to an audience that is forced to place greater importance on sa
129、feguarding rather than added value.dentsu Consumer Navigator Financial Services&Insurance 2023Attitudes and Involvement in Financial Investments|Navigator|Navigator05dentsu Consumer Navigator Financial Services&Insurance 2023Digital tools and the ability to monitor trading trends online in real-time
130、 are making financial investments an opportunity at our fingertips.But how involved are U.S.financial institutions customers when it comes to investing?How many of them actively trade,and what is their attitude towards risk?While trading has become mainstream,women and low-income consumers are laggi
131、ng,being less likely to have financial investments in place to begin with.4528%28%40%40%21%21%7%7%20%20%37%37%17%17%13%13%23%23%19%19%17%17%16%16%15%15%15%15%18%18%12%12%11%11%19%19%22%22%21%21%20%20%25%25%28%28%16%16%18%18%10%10%19%19%37%37%24%24%12%12%All ConsumersAll ConsumersHHI 50kHHI 100kHHI 5
132、0 100kHHI 100k HHI 100k MenMenWomenWomendentsu Consumer Navigator Financial Services&Insurance 202340%40%actively tradeI monitor trading trends and invest on a regular basisI invest small sums of my disposable income every now and again,mostly for funI dont personally trade,but I have investments ti
133、ed to mixed portfolios I have chosenI dont personally trade,but I have investments tied to 401k or trust fundsI dont have financial investments in place,including 401k or trust fundsMost Americans are risk adverse when it comes to investing.Women are more likely to be risk adverse than men,while Gen
134、 Zers are significantly more likely to take on investments that present a higher risk then older consumers.4626%26%27%27%24%24%20%20%25%25%28%28%25%25%26%26%22%22%32%32%19%19%31%31%29%29%25%25%34%34%33%33%33%33%37%37%31%31%31%31%43%43%8%8%8%8%9%9%15%15%8%8%5%5%4%4%5%5%8%8%3%3%9%9%5%5%6%6%3%3%ALLALLM
135、enMenWomenWomenGen ZGen ZMillennialsMillennialsGen XGen XBoomersBoomersdentsu Consumer Navigator Financial Services&Insurance 20235 52%2%are risk adverseI am ok with a high-risk portfolio if I can expect high returns over timeI mostly prefer investing in stocks,but not entirelyI like to balance some
136、 risk with some conservative investmentsI am ok with a little risk,but I prefer investments with a fixed rate or returnI take as little risk as possibleMore than a quarter of Americans monitor trading trends at least once a day.77%77%4712%12%14%14%17%17%12%12%44%44%More than once a dayEvery day afte
137、r the market closesA couple times a weekA couple times a monthI do not keep an eye on trading trendsHow Often Do You Monitor Trading Trends?6 in 10 of those who have investments in place say they make decisions about investing without a lot of professional guidance from an advisor.dentsu Consumer Na
138、vigator Financial Services&Insurance 202326%26%Monitor Monitor trades dailytrades daily31%31%31%31%24%24%14%14%I manage investments all on my ownI prefer to get some advice butimplement investment strategies on myownI have an advisor and we work togetherto manage my investmentsI trust my advisor(s)t
139、o make all myinvestment decisions based on theirknowledge of my goalsHow Do You Make Decisions About Investing?I manage investments all on my ownI prefer to get some advice but implement investment strategies on my ownI have an advisor and we work together to manage my investmentsI trust my advisor(
140、s)to make all my investment decisions based on their knowledge of my goals61%61%Make Make decisions decisions without a lot without a lot of guidanceof guidanceWhile report leaning towards making decisions without a lot of guidance,when it comes to executing trades,most customers leverage investment
141、 management services,while fewer manage their portfolios via apps.4834%34%28%28%35%35%12%12%Which of the Following Do You Use to Manage Your Investments?dentsu Consumer Navigator Financial Services&Insurance 2023I work with an investment manager affiliated to one of the financial institutions I have
142、 a relationship withI work with an independent investment managerI use portfolio management apps/online experiences provided by one or more of the financial institutions I have a relationship withI use a portfolio management app(e.g.,Empower,Mint,Zigma,etc.)In both cases,customers tend to rely on re
143、sources provided by the financial institutions they have relationships with.62%62%Use Use investment investment management management servicesservices4747%Manage their Manage their portfolios via portfolios via appsappsWhen managing their investments,women are more likely to manage their portfolios
144、on their own than men.4937%37%32%32%31%31%18%18%32%32%24%24%38%38%20%20%Which of the Following Do You Use to Manage Your Investments?MenWomendentsu Consumer Navigator Financial Services&Insurance 2023I work with an investment manager affiliated to one of the financial institutions I have a relations
145、hip withI work with an independent investment managerI use portfolio management apps/online experiences provided by one or more of the financial institutions I have a relationship withI use a portfolio management app(e.g.,Empower,Mint,Zigma,etc.)69%69%Men Men u use se investment investment managemen
146、t management servicesservicesvs.56%vs.56%WomenWomen5858%Women Women manage their manage their portfolios on portfolios on their own vs.their own vs.4949%Men%MenThis may be because women tend to face more discrimination in the financial services space and they fear financial advisors will have a cons
147、cious or unconscious bias towards them,as reported in recent studies.IMPLICATIONS FOR MARKETERSIMPLICATIONS FOR MARKETERSRethink investment management services as an educational opportunity.Rethink investment management services as an educational opportunity.For banks,offering a select number of fre
148、e consultations to existing customers can be a way to illustrate the long-term benefits of low-risk investing to audiences who have no investments in place.Integrated trading platforms and trading desks are great assets to financial relationships.Integrated trading platforms and trading desks are gr
149、eat assets to financial relationships.More than a third of Americans trade actively,most often doing so on a platform managed by a bank they have a relationship with,or by using an in-house investment manager from their bank.Its important that the trading experience does not feel disjointed from oth
150、er aspects of the customer experience.Target audience cohorts with portfolios that match their mindsetsTarget audience cohorts with portfolios that match their mindsets.Americans tend to be risk adverse when it comes to financial investments,but younger consumers are more comfortable with some risk.
151、Consider these nuances when positioning your financial products and develop messaging that caters to where your customers are on their journey.dentsu Consumer Navigator Financial Services&Insurance 2023Like every industry,the challenges faced by financial services companies are nuanced and vary by s
152、ubsector.As these results demonstrate,there is even more complexity due to the wide range of customer attitudes and behaviors.Whether theyre established players or digital newcomers,financial services brands need to understand the nuances that exist between different audiences in order to strengthen
153、 a value proposition that is best suited to respond to the evolving attitudes of their target customers.Consumers seek to consolidate their financial services relationships across fewer providers capable of delivering a wider breadth of capabilities,regardless of whether a providers wheelhouse sits
154、inbanking,credit,insurance,or investment management.Therefore,demonstrating consideration for customers holistic financial services needs can be an asset when looking to capitalize on the most promising opportunities for differentiation and expansion.Lastly,the results show that-beyond sector specif
155、ic products and services consumers have now come to expect financial services providers to provide experiences and self-serve capabilities on par with those they are presented with in other industries.Thus,brands in this space can benefit from partnerships that couple industry-specific expertise wit
156、h best-in-class brand,media,and customer experience strategy and development capabilities developed by working with world class clients both within and outside the sector.Closing Thoughtsdentsu Consumer Navigator Financial Services&Insurance 2023|Navigator|Navigator07Dentsu is the network designed f
157、or whats next,helping clients predict and plan for disruptive future opportunities and create new paths to growth in the sustainable economy.Taking a people-centered approach to business transformation,we use insights to connect brand,content,commerce and experience,underpinned by modern creativity.
158、As part of Dentsu Group Inc.(Tokyo:4324;ISIN:JP3551520004),we are headquartered in in Tokyo,Japan and our 65,000-strong employee-base of dedicated professionals work across four regions(Japan,Americas,EMEA and APAC).Dentsu combines Japanese innovation with a diverse,global perspective to drive client growth and to shape society.Visit:;.About dentsu