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Subscriptions finally hit financial services, focus on life-events While financial services is one of the few industries yet to be disrupted by the “subscription revolution,” US consumers expressed interest in financial subscription models, with 25-34-year age group expressing the highest interest (51%).
These types of models are attractive because they help consumers access the services and guidance they need, which is particularly important relative to key life events with major financial implications.
Because consumers across all segments place significant value in trust with the financial services industry, first-movers will gain an advantage in the market and reap the benefits of $11.3 trillion in asset movement in the next five years.
More information on the study is available here: https://bit.ly/2Gu RIf W About the research The EY research is based on market research, a proprietary simulator platform and a conjoint research study that measures and understands the engagement and switching behaviors of financial services consumers.
Together with the fact that 50% of consumers ages 18-49 are disengaged by financial matters, there is a significant opportunity for financial institutions to close the gap between perception and reality, and deepen customer relationships.
According to the research, new AI-driven financial health platforms have an opportunity to serve more relevant daily interactions with consumers serving as their personal financial operating system.
Yet, workplace benefits are out of reach for many low- to moderate-income Americans.
The majority of US consumers (83%) rate their financial health as either “excellent,” “very good,” or “good,” a stark contrast to the highest consumer debt rates and lowest savings rates on record.
This mistrust in the industry, rising largely from misuse of data and data breaches, must be addressed because creating customized financial subscriptions requires increased use of consumer data.
Consumers are accustomed to sharing virtually everything about themselves in their digital lives; in fact, 60% of all consumers are comfortable sharing personal information with their financial institutions without specific assurances.