Consumer Access to Financial Services

Today’s consumers of financial services are stuck between a rock and a hard place. They are frustrated in their search for unbiased, trusted research they can use to determine whether they fit with a financial company. They do their homework, but they are often overwhelmed by the amount of information at their disposal and don’t always know where to turn for education.

CONSUMER VIEWPOINTS

“I prefer financial products that are easy to use and understand.”
“It’s better to have a relationship with one or two financial institutions.”
“I comparison shop in financial services to look for the best deal.”
“It's hard to know if I'm getting honest advice.”
“I tend to feel overwhelmed dealing with finances.”

Reasons for Trust

From our consumer survey, we learned consumers value many of the same things when it comes to why they choose to trust or work with certain financial services companies over others. These reasons can include a company’s transparency about its products and services (84%), good customer service (81%), and community involvement (64%). Many consumers also said a company’s treatment of employees and contributions to social justice and diversity could likely influence their decision.

One of the foremost factors when considering what financial company to work with seems to be data security, as well as privacy and responsiveness.

COMPANY KEEPS MY INFORMATION PRIVATE

COMPANY PROTECTS ME FROM FRAUD OR THEFT

COMPANY RESOLVES ISSUES QUICKLY

COMPANY NOTIFIES ME OF TRANSACTIONS QUICKLY

KEY INSIGHT

87% value information privacy above all else when choosing a financial company.

In today’s rapidly shifting digital landscape, consumers want to know their information, including highly sensitive financial and personal data, is protected and that security is a priority of the company they partner with.

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