subject: The Individualism Consumer Trend in Financial Services: Self-reliance - Market Research Report [print this page] The Individualism Consumer Trend in Financial Services: Self-reliance - Market Research Report
Introduction
Society encourages consumers to be increasingly self-reliant, with years of mass marketing and commoditization leaving consumers looking for personalized offerings. FS providers must enable consumers to express their individuality and their preferences through customizable products and services. Personalized messages are more noticeable to consumers who are constantly bombarded with marketing.
Features and benefits
* Command the consumer's attention through understanding how to cater to individual needs.
* Learn how to allow consumers to express their personal preferences with customizable products and services.
* Improve customer retention through understanding the consumer desire to be treated as an individual.
Highlights
Across all regions there is strong demand from consumers to be treated as an individual by their FS providers. The importance to consumers of being treated as an individual by their FS providers also increases as they grow older, meaning that individual treatment will help providers to retain consumers over the course of their lifetimes.
A high proportion of consumers state that they take responsibility for their own financial future. This will be affected in part by the desire to move away from FS provider support after the global financial downturn during which providers were portrayed as acting irresponsibly with consumers' money.
Globally there is a demand for premium banking services but providers will have to ensure the nature of premium services on offer fit the expectations of the consumer. A flexible, customizable offering would be most attractive to the consumer.
Your key questions answered
* Why is it so important for consumers to feel that they are being treated as an individual?
* What additional services would consumers like to receive from their FS providers, and what are they prepared to pay for these?
* Does the idea of account aggregation appeal to consumers?
* How effective at managing their finances are consumers who like to take responsibility for their financial future?
Table of Contents : Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
The FS landscape has changed post-downturn 2
A holistic view of consumers must be adopted 2
Tracking consumer trends is fundamental to long-term success 2
The Megatrends have different levels of importance across the globe 3
The desire for Individualism is driven by consumers wanting their own needs met 3
The Individualism Megatrend is about self-reliance and self-expression 3
Consumers want to be treated as individuals 4
Consumers believe they shoulder responsibility for their financial future 4
Providers must offer consumers more control over additional services 4
FS providers should allow consumers to customize products 4
Consumers would like the ability to manage all of their financial products in one place 4
Providers must make consumers feel that they are treated as an individual 5
Introduction: The Importance of Trend Tracking to Financial Services 13
The post-recessionary FS market presents new challenges for the industry 13
The post-recessionary FS market presents new challenges to the industry 13
A microscope has been placed over the activities of the FS community 13
Competition is fierce within the industry 13
Consumer empowerment means that providers must work harder then ever to attract and retain customers 13
Competing on price alone does not necessarily result in profitability 14
Datamonitor is committed to creating a holistic view of 'the consumer' 14
Tracking consumer Megatrends is fundamental to long-term success 16
Megatrends can be classified in two ways, according to desirable product/service benefits or societal complexities 17
Megatrends can be broken down into trends and sub-trends to provide structure and clarity at a time of information overload' 18
Adopting a broader, global perspective to trend tracking facilitates better decision-making by overcoming myopia 19
Trends have greater long-term implications than fads 19
For every trend there is a counter-trend', while trend-crossover' is also an important phenomenon 20
Trends are aligned with pre-existing but evolving human values, attitudes, needs, and behaviors 20
The Megatrends have different levels of importance for consumers across the globe 21
Individualism is one of the strongest Megatrends globally 21
The desire for Individualism is driven by consumers wanting their own needs met 22
Individualism will continue to be an influential Megatrend as consumers continue to be self-reliant 23
The Future Decoded 24
The Individualism Megatrend is about self-reliance and self-expression 24
Individualism is comprised of three key trends 24
Individualism is driven by changes in society 26
Individualism is in greatest demand among middle aged consumers 27
Insight: consumers want to be treated as individuals 28
Individual treatment will aid retention of consumers 29
Insight: consumers believe they shoulder the responsibility for their financial future 30
Consumers may believe that they take responsibility for their financial future, but not actually know how to do so 30
