70% of adults agree that the cost of living crisis highlights the importance of having access to a diverse range of communication methods. Amid ongoing financial pressures, digital channels allow consumers to address concerns without fear of judgment, while traditional methods like in-person conversations offer personalised reassurance. By enhancing and diversifying their communication strategies, financial services can better meet the needs of their customers during these challenging times.
As consumers increasingly rely on digital platforms, the risks of data breaches and cyber threats rise, potentially compromising personal information and eroding trust. In fact, 22% of adults, who haven’t used digital channels, cite security concerns as their reason for not choosing to contact a financial services provider digitally. Ensuring robust security measures and continuously updating protocols are essential to mitigate these threats and maintain consumer confidence in digital channels.
More than half of Gen Z and Millennials agree that financial services providers should offer AI-powered virtual assistants that give people personalised guidance. By adopting AI, providers can enhance personalisation, streamline operations and strengthen relationships with tech-savvy customers, driving long-term growth and innovation.
This report is written by Mintel’s Senior Financial Services Analyst, Stefania Apostol. Stefania joined the Financial Services Reports team in March 2021, having previously worked for Mintel’s MFD, Disruptor and GNPD products.
Consumers value both digital and traditional channels, so providers must ensure a smooth transition and build trust in digital interactions.
Stefania Apostol
Senior Financial Services Analyst
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