Financial Services Blog

In my previous post, I talked about the opportunities banks need to seize to keep up with the shifting consumer behaviors and expectations we discovered in the course of Accenture’s 2017 Financial Services Global Distribution & Marketing Consumer Study.

In addition to the customer trends I outlined previously, we also identified three distinct types of consumer personas, each with a unique set of needs and priorities. The personas are differentiated by their attitudes toward competitive pricing and low cost, and the level of their interest in high-quality, responsive service. Two important additional drivers of loyalty are trust (as measured by the bank’s ability to protect personal data) and interest in an innovative digital model, reflected by the consumer’s willingness to consider an online provider such as Amazon or Google for financial services.

The varying needs and priorities of these groups provide insight into how banks may need to reshape their proposition, both to increase the loyalty of existing customers and to reach out to new consumers.

Here’s a look at the attributes of Nomads, Hunters, and Quality Seekers, as we call them, and how banks can accommodate the needs of each one.


This highly digitally active group is not tied to traditional financial services providers. In fact, they would be happy to use Amazon or Google for financial services.

Nomads also:

  • Want new ways of accessing service and advice.
  • Are open to the concept of computer-only advice.
  • Value digital innovation.
  • Value new tools that enable self-service.
  • Would share their data, but view it as a currency.
  • Want services that add value beyond banking.
  • Want to co-create.
  • Want a more digital offering in branches.

To meet the needs and expectations of Nomads, banks should:

  • Introduce services that cut out the middleman.
  • Adopt digitally-based services.
  • Offer improved services or compensation in the form of discounts or cash rewards.
  • Offer non-bank services and add-on services, such as home security and roadside support.
  • Partner with their customers to design and customize products.
  • Investigate innovative communication technologies.


This group is searching for the best deal on price. Receiving value for money is the key driver of loyalty for this group. Hunters view human advisors as crucial—they do not feel they can get what they need without human advice.

Hunters also:

  • Prefer traditional banks and financial services firms and are dubious about new market entrants.
  • Demand a high service level for their money.
  • Care about low cost.
  • Expect price gains for sharing personal data.
  • Want banks to improve their existing services before expanding their offerings.
  • Are active online for non-banking activities, but are not ready to migrate onto new channels to bank.
  • Seek practical added-value services.

To meet the needs and expectations of Hunters, banks should:

  • Offer a combination of quality and low price.
  • Focus on the basics of cost, service and security.
  • Offer computerized banking advice only as an addition to human advice.
  • Consider offering more competitive pricing as a trade-off for data sharing.

Quality Seekers

Consumers in this group are looking for high-quality, responsive service and data protection. For quality seekers, key loyalty drivers are a financial services provider who will put their interests first, and confidence that their personal information will be kept secure.

Quality Seekers also:

  • Trust banks over non-traditional providers.
  • Want to bank with specialist providers and trust firms with financial expertise.
  • Are driven by trust and level of service rather than cost.
  • Will pay for quality.
  • Have some interest in digital innovation.
  • Are ready for a partial shift to mobile.
  • View branch location as crucial.
  • Are open to computer-only advice, but want human advice for more specific banking needs.

To meet the needs and expectations of Quality Seekers, banks should:

  • Emphasize the soundness and security of their banking services.
  • Consider offering personalized service as a quid pro quo for sharing data.
  • Provide innovative new services.
  • Offer mobile and automated advice as adjunct services.

In my next post, I will outline five specific ways for banks to respond to shifting consumer trends, keeping in mind their distinct personas.

In the meantime, I invite you to access the complete Banking Report.

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