Industry Spotlight: Financial Services Investing in the young
Global Mobile Consumer Survey 2019 – The Nordic Cut
Industry Spotlight: Financial Services
Investing in the young
The mobile phone is rapidly changing the financial services industry, with customers demanding ever more elegant and efficient customer experiences.
The smartphone provides new possibilities for how customers can interact with their banks and insurance companies. Everything from conducting daily banking tasks to managing personal finances is now very different from before the arrival of the smartphone.
Are consumers and financial services firms properly leveraging these opportunities enabled by the connected society of today? In this spotlight we shine some light on consumer behaviour in the banking, investment and insurance industries.
Five highlights from the financial services industry:
- Consumers are managing financial services more on smartphones in 2019: every category measured is up, and by three to seven percentage points.
- Checking bank balances and transferring money are the most common activities, with roughly four out of five Nordic consumers having doing these on their phones at least once.
- Although growing, investment management and insurance policy management activities are still far behind other activities at 30-40 per cent.
- Millennials are the most likely users of insurance and investment management services on their smartphones.
- The mobile phone is the preferred device for checking bank balances, with 57 per cent of respondents choosing the mobile phone over other devices.