Financial services customer advocacy is gained through empowerment, ease, and trust.
Hero Digital is proud to release our Financial Services Truth & Beauty Index.
Digital transformation is accelerating across every sector of the financial services industry. Neo-banks are challenging traditional banks, investing is becoming decentralized, and new cryptocurrencies are being created every year. Mobile banking, payment, and money transfer platforms are the norm for many customers.
At the same time, uncertainty, extreme volatility, and financial complexity are increasing the pace of regulatory change.
Financial services companies must transform their business strategies to meet the increasing demand for privacy and control. Managing people’s important assets, companies across every financial services sector must develop genuine partnerships through digital means. This begins with understanding the individuals on the other side of the screen.
Hero Digital’s Financial Services Truth & Beauty Index illuminates key takeaways from four generations—Gen Z, Millennial, Gen X, and Boomer—and three industry sub-sectors—Retail Banking, Investing, and Mortgages.
Using Hero Digital’s proprietary framework, you’re able to see the hidden attributes that drive both brand choice and brand advocacy, so that you can place your customers at the center of your digital strategy.
Financial services customers value emotional truths when recommending a company. According to thousands of responses, empowerment, ease, and trust are leading drivers of brand advocacy across all financial services sectors.
Advocacy data by generation
Top customer experience attributes driving advocacy:
- 20% of Gen Z customers rank ease and access as top customer experience attributes when recommending a financial services company.
- 40% of Millennials rank privacy and trust as top customer experience attributes when recommending a financial services company.
- 40% of Gen X customers rank empowerment and disruption as top customer experience attributes when recommending a financial services company.
- 30% of Boomers rank price and stature as top customer experience attributes when recommending a financial services company.
Digital Transformation priorities by Sub-sector
- Leading retail banks must make it easy for people to manage their finances while also embracing privacy and security.
- Investing leaders stand out by maximizing people’s assets, protecting their data, and helping them with financial decisions.
- Mortgage leaders succeed by caring about their customers, giving them confidence, and empowering them to make difficult decisions.
Hero Digital’s inaugural Truth & Beauty Index surveyed 3,000+ people across 52 brands in consumer goods, financial services, wellness, and healthcare. The index’s framework identifies the attributes that are most likely to drive both customer choice and brand advocacy while providing a framework for successful digital transformation.