What prompts a consumer to choose a particular bank or insurance? What are your wishes? To what extent would you rely on "non-traditional" actors to request financial and insurance services? These are some of the questions that the Digital Innovation Observatory of the Politecnico di Milano tried to answer in a recent report.
Today, differentiating a financial / insurance product or service from that of its competitors is increasingly difficult. Citizens and companies almost always have at their disposal various alternatives that are very similar to each other, and in this context what makes the difference are the ways of using the services and the ability to design a quality user experience.
In light of the digital transformation taking place, catalyzed by the advent of COVID which has prompted customers to make massive use of digital channels, the user experience is in fact of primary importance. Banks and insurance companies are not excluded from this scenario, on the contrary, they must ensure a digital experience that conforms to the standards customers are accustomed to in other sectors whose path towards digitalization has already begun for years. Another challenge for banks and insurance companies will be the management of their customers' data, which are the key to effective customization of the offer, but in a historical period in which the topic of "privacy" is at the center of the attention of regulators.
According to the Observatory's research, consumers still prefer to turn to traditional players for both financial services (72% choose a bank, 50% a postal service) and insurance services (83% choose an insurance company). At the same time, however, there is an important propensity for experimentation aimed at less traditional actors, in particular on simpler services. An example is the request for limited amount loans in a short time, for which banks and postal services still remain the reference points (respectively for 65% and 40% of consumers) but are losing ground to the advantage of alternatives that are more commonly associated. to a better user experience, such as mobile phone operators (eg Apple or Samsung) for 21%, startups (19%), companies like Google or Facebook (17%).
Thinking about the bank of the future, consumers would like basic services without costs (importance 8.7 out of 10) and speed in executing the most diverse operations and in responding to problems (8.3) as well as greater transparency in the investment of savings ( 8.3). Equally relevant are extended opening hours - ideally 24/7 (7,7) - and the ability to do everything via mobile (7,7). The interaction that customers desire, however, is not limited to new digital channels: the possibility of meeting someone in person is in fact strongly requested to solve complex problems (8.1).
The wishes for insurance players are also similar. Speed in solving problems and settling claims, simplicity and transparency in signing policies and responding to complaints all receive a score of 8.5 out of 10. Also in this case, availability 24/7 (8) and the possibility to do everything from mobile (7,6). Already today 29% of Italians declared that they have purchased an insurance policy in a completely digital mode at least once and a further 35%, even if they have never done so, intend to evaluate the possibility. In particular, these consumers are looking for greater ease of purchase (42%) or a faster way to compare different policies (39%). However, there are still strong barriers to the use of digital: 36% of consumers state that they will not even consider purchasing an insurance policy in digital form, mainly due to sufficient satisfaction of the traditional mode (61%) and lack of confidence in the digital channel (41%).
