Consumers increasingly trust non-financial brands for their finance needs, pressuring traditional financial institutions to innovate

Published on February 12, 2024

  • Super apps, retailers, e-commerce platforms, utility and telecom providers are increasingly trusted to deliver financial services, compelling traditional financial institutions to embrace embedded finance
  • There is a substantial unmet demand for professional investment advice, with many consumers preferring a hybrid model that combines digital channel convenience with access to human advisor on-demand
  • A majority of consumers are open to switching financial service providers, especially when incentivized, adding further pressure on traditional financial institutions to rethink their digital strategies and value propositions

Zurich, 13 February 2024 – additiv, a global leader in Fintech and embedded finance, today unveiled the findings of its comprehensive 2024 Embedded Finance Consumer Study “How consumers access financial services”.

For this landmark research, conducted in collaboration with leading market research and consulting firm Ipsos, 4,500 consumers across 10 countries and varied demographics provide an unparalleled look into interaction habits with financial services in a rapidly evolving digital landscape.

Building on the insights from last year’s report, this year’s study delves deeper into consumer engagement with financial services, exploring the dynamics of loyalty and trust, the openness to switching providers, and the appetite for investment advice. A standout revelation is that, whilst consumers trust and regularly use online bank accounts, they are open to switching financial service providers, especially if incentivized. A significant portion of consumers show high appetite for receiving investment advice and willingness to consider financial services from non-traditional providers, highlighting the growing importance of embedded finance solutions.

Key findings include:

  • 71% of consumers trust banks to deliver regulated financial and investment services, but nearly half also trust super apps, e-commerce sites, retailers, utility and telecom providers to deliver these services;
  • 62% of consumers would consider switching their financial service provider, although only 20% would switch without an incentive;
  • Only 39% of consumers had received professional investment advice in the past 12 months, but 63% would like advice in the next 12 months. Of those that do not want professional investment advice, 31% believe their income isn’t high enough to save or invest;
  • Consumers’ first choice is to receive investment advice from a human advisor, but a significant proportion (34%) prefer a hybrid approach and only 24% prefer fully digital advice;
  • 85% access traditional bank accounts online at least quarterly, but almost 40% never use dedicated portals for online pensions, life insurance, health insurance, investments, or advisory services;
  • 84% of respondents in South-East Asia use a super app on a weekly basis, compared to only 30% in Europe;
  • 59% of respondents had used goal-based saving in the past 12 months, ranging from over 70% in Southeast Asia to 35% in Germany. Saving spare change (round-ups) were also more popular in South-East Asia and Middle East than Europe;
  • Trust into companies providing financial services is created by a multitude of factors, with top reasons varying across countries between reputation, customer service and family and friends relationships.

Commenting on the findings, Yann Kudelski, Head of Strategy & Marketing at additiv, said:

“The study underscores the opportunities for financial and non-financial institutions to innovate and collaborate, ensuring financial services are accessible, trustworthy, and tailored to consumer needs. As the digital landscape continues to transform the way financial services are created and consumed, additiv remains committed to providing these institutions new opportunities to adapt and thrive, through its best-in-class technology, complemented by expert services and a global ecosystem of regulated financial service providers.”

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About additiv

additiv enables leading financial institutions and brands globally to develop new and transform existing business models, capitalizing on digital innovation and Finance-as-a-Service capabilities.

additiv’s API-first cloud platform is one of the world’s most powerful solutions in wealth management, credit, and insurance. The technology, together with the global ecosystem of regulated financial service providers, opens new opportunities for banks, insurance companies, asset managers, IFAs but also ‘consumer brands’ to offer their own and third-party financial solutions quickly and flexibly via existing or new customer channels.

Headquartered in Switzerland, with regional offices in Singapore, UAE, and Germany and more than 250 employees, additiv serves over 400 financial companies (banks, insurers, asset managers, pension providers, IFAs etc) and brands globally.

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