Our research involved financial institutions across the Asia Pacific, Europe and America and consumers across Australia, Singapore, Malaysia, Indonesia, Hong Kong, UK and USA. We found that:
- In a mobile first financial services world, an institutions current and future performance can be determined by its ability to acquire generations X and Y, and digitally engage them. The results in the Australian market indicate that the online pure plays are ‘winning wallet’, but now it’s the mobile pure plays turn.
- The financial services industry is experiencing an ‘Identity Crisis’ – Crisis because their customers expect greater security of their finances, personal information and privacy and place this trust in them, yet they are being impacted by identity theft.
- More than one in two consumers rank trust as the most important driver of choice of financial services provider.
- The fact that they trust their financial institution with personal information (above all others) places institutions in a place of privilege - one in five consumers would even be happy to go as far as sharing their DNA if it would help secure their financial and personal information.
- Yet, despite this level of trust, less than one in two are satisfied with their institution’s security performance with more than one in three consumers effected by identity theft – 40% who believe it was the institutions fault - 65% with whom are likely to defect.
- Whilst 62% of financial services executives acknowledge under-investment in identity and security related capabilities in past years, 87% anticipate their institution’s level of planned investment to increase (27% significantly increasing).
- As the mobile has become the primary access device for financial services in 2014, more secure, mobile-based identity is a key driver in garnering greater trust with Gen X and Y – up to one in two of them are even prepared to pay for greater security, particularly those with most to lose
This report outlines the mobile technology developments shaping how these generations prefer to be identified, and provides the framework to realise benefits through new models of collaboration within the broader digital mobile ecosystem