Survey of 12,000 banking consumers explores how and why they engage in banking technology through unique motivations, wants and expectations
NORTHERN TOWNSHIP, Ohio, November 2, 2021 / PRNewswire / – Diebold Nixdorf (NYSE: DBD), a global leader in connected commerce in finance and retail, and NielsenIQ today announced the results of the “Motivations in Modern Banking” report, based on a representative survey of 12,000 consumers in 11 countries.
As banks continue to transform due to digitization, increasing competition, regulatory complexity and the COVID-19 pandemic, tracking changing consumer needs and behaviors is essential to any transformation strategy. . The report’s findings help financial institutions better understand what lies behind the way consumers interact with banking and technology. By understanding these unique motivations, organizations can improve their reach and quality of service, build loyalty, and invest in solutions that resonate with consumers and deliver operational efficiency.
The report reveals five âtypes of technologyâ: distinct segments of financial consumers, each with a unique set of motivations, wants and expectations regarding banking technology. Although the local representation of technology types varies from country to country, the motivations and distinct models of each segment remain consistent and entrenched. The following is a breakdown of the different types of technologies and how they are represented in the United States.
Simplicity seekers (31%) represent the largest consumer segment in the United States. This type of technology manages risk by avoiding unnecessary complexity and not leaning on others, resulting in a demand for technology-driven banking services that follow the principles of simplicity and self-determination.
Explorers guarded (24%) thirst for reassurance and will turn to technologies with a human dimension.
Realists in difficulty (19%) find financial management a challenge. Only 34% of the American sample say they have a good understanding of financial matters. Hence, they crave financial security and appreciation.
Established traditionalists (18%) perceive change as a risk. This type of technology prefers to stick to long-standing habits and will only adopt technologies when they are widely accepted and secure.
Autonomous self-taught (8%) are an elite segment that expects hyper-personalization. About 82% of US members of this type of technology are willing to share more personal information in exchange for more personalized services and offers.
Ãzlem Yilmaz-Daniel, NielsenIQ, Consumer Insights Team Leader, said: âIn the past, companies were just looking at gender and age, maybe financial status, and making assumptions about which services would be best for a customer. It’s not enough to speak the same language. Think about their stage of life, their beliefs and their values, their habits and their attitudes, these do not strictly respect certain ages. “
Simon powley, Head of Advisory Services and Consulting at Diebold Nixdorf, said: âFor banks to truly understand how to tailor their technology experiences to their customers, they need to understand the ‘why’ – the motivations that make consumers want their banking experience. Banks that can understand these motivations will improve the reach and quality of service, increase loyalty, and focus investments where they make the biggest difference. “
To download a copy of âMotivations in Modern Banking – Beyond the ‘Who’: Understanding Why Consumers Respond in Certain Waysâ, please visit DieboldNixdorf.com/DiscoverTheWhy. The results of this study were revealed on DN Intersect Online on October 26, 2021, where the best and brightest in the financial industry explore common themes and discuss the latest global banking trends. A replay of the webinar is available here.
NielsenIQ is the leader in providing the most comprehensive, unbiased view of consumer behavior, globally. Powered by a revolutionary consumer data platform and powered by rich analytics capabilities, NielsenIQ enables bold and confident decision making for the world’s leading consumer goods companies and retailers.
By using comprehensive data sets and measuring all transactions equally, NielsenIQ provides customers with a forward-looking view of consumer behavior to optimize performance across all retail platforms. Our open philosophy of data integration results in the most influential consumer data sets on the planet. NielsenIQ provides the full truth.
NielsenIQ, an Advent International portfolio company, operates in nearly 100 markets, covering over 90% of the world’s population. For more information, visit www.nielseniq.com.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) is a global leader in connected commerce. They automate, digitize and transform the way people do their banking and shopping. As a partner of the majority of the world’s 100 largest financial institutions and the world’s 25 largest retailers, their integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers every day. The company is present in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.
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SOURCE Diebold Nixdorf, Incorporated