As part of the 2016 Future of Research Series, Ipsos brought together a panel of experts from across the industry to discuss how they are adapting to the future of money.
The world of money is changing ever faster
Are we at a tipping point? The sector seems on the verge, what about consumers?
Especially for the next generation, 55% of the 16-24 year-old use their mobile personal banking to access their bank account.
Open API, a major facilitator?
Attractive even with a general benefit, 39% feel positive about data sharing.
Utility trumps security, 74% of those who say willing to pay extra for a service or a product to keep their details private havn't increased their privacy setting.
Money is mobile proposition:
- allow you to see a full picture of your personal finances in one place,
- be updated in real time,
- show all your financial products and services from different providers,
- present the information in an easy way to understand,
- allow you to manage money between accounts.
Real appetite exists now, 52% of the 16-24 year-old and 46% of the 25-34 year-old would likely use mobile apps designed to help them manage their personal money and spending.
Who are the credible providers?
83% are confident about using established high street such as HSBC to help them manage and control their everyday personal finances and 80% are confident about using payment card brand.
Who would we trust to provide the app?
A little look into the future
Will we need branches?
In the year 2020, 35% think that their main bank account will be with an online-only bank (with no branches).
New products on my mobile?
In the year 2020, 41% think that they will have opened an account or purchased a financial product using just their mobile phone or tablet.
Is cash dying?
In the year 2020, 26% think that they will no longer carry any cash and 17% think that shops and retailers will have stopped accepting cash.
Have cards had their day?
In the year 2020, 31% think that they will be making payments using their mobile phone and have stop carrying plastic payment cards.
New Brand-Building Direction for Insurance Industry
In face of this fast-information-spreading world and fast development of different channels, insurance companies should make more effort to build distinctive brand image in a comprehensive way. To strengthen delivered brand image, insurance companies should pay more attention to the moment that customers interact with insurance companies.