Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Financial Services Perspectives and Insights from the 2023 Consumer Survey" report has been added to ResearchAndMarkets.com's offering.
Emerging Trends and Consumer Perspectives in Financial Services Revealed
A comprehensive survey assessing consumer attitudes across the financial services sector reveals pivotal insights into the evolving landscape of retail banking, payments, and wealth management. The 2023 Financial Services Consumer Survey delineates key regional and generational preferences, highlighting the shifting paradigms in customer behavior and expectations.
The demand for digital banking platforms has never been higher, sitting atop the list of consumer priorities when selecting a financial service provider. Despite the inclination towards digital solutions, the survey reports that a substantial number of consumers still favor banks that maintain a physical footprint. Notably, visiting a branch remains a prevalent research method among those scouting for a new banking partner.
Regional Payment Practices and Investment Insights
In the Asia-Pacific region, an unprecedented shift occurred as mobile wallets surpass cash as the preferred method for in-store purchases. Nonetheless, credit cards continue to reign supreme in most regions except Europe, where debit cards have emerged as the leading payment tool.
Investment readiness also surfaced as a topic, with a notable cohort of the mass-market segment feeling that their savings levels are not sufficient to engage in investment opportunities.
Impact of Financial Fraud and Access to Investment
The detrimental effects of financial fraud are unequivocally severe, with nearly a quarter of customers experiencing fraud likely to switch providers. Meanwhile, consumers indicate the breadth of investment options as a key influencer when selecting an investment provider. However, despite the emphasis on cost-effectiveness, the adoption of more economical robo-advisors lags.
Cryptocurrency Holdings Amidst the Turbulence
In the aftermath of a tumultuous year for cryptocurrencies, consumer participation in the cryptocurrency market saw only a slight decline, suggesting a persistent interest in digital currencies.
Regional and Generational Distinctions
Analysis of consumer behavior across different regions.
Generational breakdown of financial preferences and priorities.
The findings afforded by the survey are imperative for stakeholders within the financial services industry to understand and respond to the developing needs and preferences of consumers globally.
Stakeholders are encouraged to consider these insights in order to innovate and adapt to the changing demands in the retail banking, payment processing, and wealth management sectors, ensuring alignment with consumer expectations and accelerating growth.
For more information about this report visit https://www.researchandmarkets.com/r/cqubcb
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