The 2020 Global Financial Services Consumer study surveyed 48,710 banking & insurance customers globally including 3,000 UK respondents. Read more here.

1. United Kingdom findings
Short Read
2020 Accenture Global Financial
Services Consumer Study
Making digital
banking more
human
Copyright © 2021 Accenture. All rights reserved.

2. Contents
Overview 3
(Re)introducing the personas 4
UK findings 8
Switching Accounts 9
Priorities & Personalisation 12
Data Trust 15
Bundled Services 18
Digital Engagement 21
Response to COVID-19 24
Unfamiliarity with Neobanks 27
Connect with our subject matter experts 31

3. Overview
Consumers have swiftly
pivoted to digital channels
due to COVID-19
Digital migration accelerates
commoditisation and
jeopardises trust
Banks must create a customer
experience that blends the
convenience of digital with human
personality and expertise
In this time of disruption, consumers have pivoted to digital channels faster than predicted.
In this study, we sought to understand which shifts in consumers’ behaviour are likely to endure
beyond COVID-19. As it calls out the need for making digital banking more human.
Digital preference - our survey shows that
many consumers unable or unwilling to visit
branches, rapidly shifted to digital channels
across a range of banking activities.
Legacy systems - banks have made some
progress, but the rollout of new digital
offerings continues to be hampered by
longstanding legacy systems.
Rebuilding and maintaining trust - banks
should strive to maintain the entrepreneurial
spirit that flourished in 2020, continuing to
offer customers the support given during
COVID-19, instead of narrowing this.
Rise in digital engagement - could be both
a blessing and a curse for banks. Many have
not yet succeeded in adding to their digital
interactions and marketing touchpoints the
humanity, personality and personalisation that
are typically provided by knowledgeable staff.
Emotional connection - without this banks
risk weakening their already fragile personal
and emotional connection with consumers.
Meaning that services are likely to become
commoditised, with consumers focused
on price alone.
Optimal customer experience - creating
this requires banks to strike the right balance
between initiatives that mimic humanity and
putting human advisors in front of customers.
Integrating video conference and
digital channels - just focusing on supporting
consumers’ increased use of digital channels
may create an effective digital offering, but it
will lack the humanity and personality needed
to engage customers emotionally.

4. (RE)introducing
the personas
The evolution of changing
banking behaviours

5. Pragmatists
27% of the 3,000 respondent in UK
Trusting and channel-agnostic,
Pragmatists see technology as
a means to an end rather than a
lifelong passion. They are satisfied
with the service levels they receive
and expect good value from
banking and Insurance providers.
Traditionalists
27% of the 3,000 respondents in UK
These customers value the human
touch and avoid technology wherever
possible. They show low levels of
engagement and satisfaction with
their financial services providers,
and trust is also low.
Pioneers
17% of the 3,000 respondents in UK
This group comprises risk-takers
who are tech-savvy and hungry
for innovation. They are keen to
engage with financial services
providers through digital
channels and mobile devices.
(RE)introducing the personas
The consumers in our survey can be segmented into four broad personas based
on how they perceive and engage with banks.
The Personas
Sceptics
29% of the 3,000 respondents in UK
Tech-wary and generally dissatisfied
with their financial services providers,
these customers are also the least
trusting. They are the largest persona
group in this year’s study.
Everywhere Most evenly distributed persona
group across age groups and
geographies.
Channel
agnostic
74% don’t mind which channel
they use to communicate with
bank/insurer.
Open to
advice
94% trust their human advisor
in their bank branch on loan
or mortgage advice.
Trusting 93% and 88% trust bank and
insurer respectively to look
after their data.
Data
Conscious
81% are alert and cautious about
their data privacy
Mature 80% are above 55 years old.
Tech-
avoiders
72% never use a mobile app
or website to contact their bank
Responsive
to human
touch
Value personal contact with
knowledgeable stuff.
Feeling
disconnect
Only 58% say their bank is
effectively communicating about
its measure through COVID-19.
Low trust Only 71% and 59% trust
their Banks and insurers
to look after their financial
wellbeing respectively.
Young 51% are between 18 and 34.
Tech-savvy 82% say smartphone is principal
device for transacting online.
Open to risk 71% are willing to take risks
to improve their lives.
Hungry for
innovation
71% want to explore new channels
such as wearable devices.
Reciprocal 73% and 62% would be willing
to share data in return for
advanced services for bank
and insurer respectively.
Risk-averse Only 36% say they take risks to
improve life.
Tech-wary Only 52% described themselves
as confident users of technology.
Low trust Only 49% and 45% trust their
Banks and insurers to look after
their financial wellbeing
respectively.
Difficult to
convince
Low interest in integrated
proposition around core needs.
Dissatisfied Only 58% say they able to get
support from their bank when
they need it.

6. The sample showed an even split of gender profiles across age groups
The 2020 Global
Financial Services
Consumer study
surveyed 48,710
banking &
insurance
customers
globally including
3,000 UK
respondents
Demographics
6%
9% 8% 9% 7% 10%
5%
8% 8% 9%
8%
13%
0%
10%
20%
30%
18-24 25-34 35-44 45-54 55-64 65+
Males Females
Non-workers make up the majority of responses due to older respondents
and COVID-19 impacts
42%
29%
11%
5%
2%
Not Working
Full time
Part Time
Self Employed
Student

7. Over half of
respondents are
of medium income
respondents
28%
53%
20%
Sceptics have grown in both Global and UK markets whilst
Traditionalists have fallen sharply
The 2020 Global
Financial Services
Consumer study
surveyed 48,710
banking &
insurance
customers
globally including
3,000 UK
respondents
Demographics
Overall Gender Split 10% reduction in the
number of responses
from Traditionalists
and an increase
in all others
Largely the increase in
the number of Sceptics
can be explained by
certain trends:
• COVID-19 means less
face-to-face services
• Loss of ‘traditional’
ways of banking
• Shift to digital
49% 51%
38%
24%
16%
21%
33%
23%
21%
23%
Sceptics
Pioneers
Traditionalists
Pragmatists
2018 2020
29%
17%
27%
27%
24%
16%
37%
24%
2018 2020
Global UK
Low
Medium
High

8. 1 - Switching Accounts
Of the 1 in 5 UK customers who
opened a new account in 2020,
only 4% switched main account
provider, a fall from 2018 with
Pioneers slowing their switches.
2 - Priorities &
Personalisation
Whilst the majority of UK
consumers prioritise value for
money, there is a 45% increase
in interest for personalised
advice relative to 2018.
3 - Data Trust
In 2020, UK consumers are
15% more willing to share data
with their banks and insurers
relative to 2018, but a key
concern is data intrusiveness.
4 - Bundled Services
The majority of UK respondents
are interested in bundled products
with over 50% willing to pay for
them – predominantly Pioneers
among varied age ranges.
Of the 3000 UK respondents to the survey, we
identified several patterns among consumers,
which we distilled into seven key findings:
5 - Digital Engagement
Digitalisation is increasingly
demanded among UK consumers,
with Mobile taking the lead as the
main channel to interact with
Banks; a 50% increase from 2018.
6 - Response to
COVID-19
Assistance programs such
as chatbots by banks and
insurers were well received by
UK consumers, with 45% wanting
to continue this type of service
post-pandemic.
7 - Unfamiliarity
with Neobanks
Neobanks face challenges
to onboard new customers
because 42% are unfamiliar
with Neobank offerings and
the fact customers are generally
satisfied with their current bank.

9. Switching
Accounts
Key finding 01

10. Primary account
switching has
reduced in 2020
to only 4%,
with customers
looking for
stability during
covid-19
Switching Accounts
Bank account opening in the UK has remained fairly constant despite COVID 19
18% 21%
2018 2020
of customers opening
bank accounts in
the UK within the
last 12 months
But only 4% switched main provider in the UK, a sharp reduction from 9% in 2018
4%
6%
Yes
2018 2020
4%
9%
2018 2020
Global UK

11. Main bank switches dropped
across all Personas but
especially for Pioneers
UK switching is highest
among 18-24 year olds
Switching Accounts
Primary account
switching has
reduced in 2020
to only 4%,
with customers
looking for
stability during
covid-19
25%
2018
8%
2020
11%
of 18-24
year olds have
switched to
a new provider
Medium and high incomes are more likely to switch their main account
8%
5%
2%
High income
Medium income
Low income

12. Personalised
Services
Key finding 02

13. Personalised Services
Value for money
and convenience
are top priorities
in 2020
With banks offering digital services and not focusing on an emotional
connection, these are likely to become commoditised, with consumers
focused on price alone.
UK bank & insurance consumers
now prioritise value for money,
in keeping with Global trends
Of UK banking consumers
prioritise personal advice on how
to save money as the highest appeal
for growing in digital services
1 in 3
62%
Increase in consumer interest
in personalised digital experiences
from 2018
10% – 30%
Interest in personalised advice
has grown the most
45%

14. Personalised Services
Value for money
and convenience
are top priorities
in 2020
How appealing would you find the following digital experiences
if offered by your banks or insurers?
35%
36%
45%
51%
55%
56%
60%
62%
65%
72%
80%
21%
21%
43%
40%
47%
43%
52%
54%
Gamification through the mobile app
Gamification through the website
Chatbot that offers financial advice in plain language
Advice on how to travel, shop, etc more sustainably
Updates on my account balance by SMS or mobile app
Budget info based on spending this month
Alerts about upcoming direct debits by SMS or mobile app
Savings tips based on my spending patterns
Alert when I'm close to overdraft by SMS or mobile app
Offers/perks based on shopping history
Assistance dealing with cyber security threats
2018 2020

15. Data Trust
Key finding 03

16. Willingness to share data with banks has risen slightly in the UK,
in contrast to the global trend
53%
55%
2018 2020
51%
44%
2018 2020
Whilst UK
willingness to
share data rose
by 7% from 2018,
bucking the
global trend,
data intrusiveness
concerns are
rising
Data Trust
Pioneers are the most willing personas to share data in exchange
for personalisation or other benefits
Global UK
46%
73%
29%
64%
Sceptics
Pioneers
Traditionalists
Pragmatists
Bank
37%
62%
22%
53%
Insurer

17. selected ‘advice
that is relevant to
your personal
circumstances’
as highest data
share priority
Whilst UK
willingness to
share data rose
by 7% from 2018,
bucking the
global trend,
data intrusiveness
concerns are
rising
Data Trust
Increase from
2018 to 2020
in willingness
to share data
Was selected as
a very close second
(88%) highest
willingness to
share data
10% – 20%
More competitive
Lower prices
89%
Intrusiveness is deemed as the highest rationale for respondents not willing
to share data
3%
6%
6%
13%
9%
20%
27%
31%
53%
Other
I worry that it would make my financial advice more expensive
My bank is not clear and transparent about how my data will be stored / protected
I worry it would make my banking more expensive
My bank is not clear and transparent about how my data will be used
I worry that my bank would sell information to third parties
I worry that my data might get stolen from my bank
I am concerned that I would be bombarded with lots of irrelevant information
It’s too intrusive
2020

18. Bundled
Services
Key finding 04

19. Almost half of UK consumers are
interested in bundled products and
services. 55% would pay for them
Interest and
willingness to
pay for bundled
services are
driven mostly
by tech savvy
pioneers
Bundled Services
Banks could focus their bundled service offerings with the right
balance of digital and human interaction to meet the demands of
the 55-64 age range who are most likely to buy bundled services.
of UK banking consumers prioritise
personal advice on how to save
money as the highest appeal for
growing in digital services
62%

20. Interest to pay for bundled products are predominantly shared by
Pioneers in the 55-64 age range
79%
72%
71%
73%
83%
56%
62%
75%
70%
65%
75%
33%
18-24
25-34
35-44
45-54
55-64
65+
Interested Prepared to buy
Interest and
willingness to
pay for bundled
services are
driven mostly
by tech savvy
pioneers
Bundled Services
40%
48%
13%
73%
40%
55% 57%
28%
68%
48%
Total Pragmatists Traditionalists Pioneers Sceptics
Interest in Bundled Services from Bank or Insurer
Prepared to Pay for Bundled Services
83% of 55-64 year old within Pioneers
are interested in bundles; of which
75% are willing to pay.
40%
41%
23%
16%
11%
11%
50%
60%
57%
17%
20%
26%
18-24
25-34
35-44
45-54
55-64
65+
Interested Prepared to buy
40% of 18-24 year old Traditionalists are interested
in bundles; of which 50% are willing to pay.
Those over 35 are less enthusiastic overall.

21. Digital
Engagement
Key finding 05

22. Digital
engagement
surges, and
is here to stay
with online and
digital channels
being preferred
over others
Digital Engagement
To succeed, banks must create customer experiences that blend the
convenience of digital services with human personality and expertise.
Digital channels are now the most popular channel to join a new bank
whilst digital methods of engagement are also growing in popularity
Question: How often, if at all, do you currently use the following when contacting your bank?
Answer: Daily, Once a week, and 2-4 times a week (Top 5 responses)
10%
10%
25%
37%
44%
9%
7%
35%
38%
30%
0% 10% 20% 30% 40% 50%
Email (or secure messaging)
Chat/Instant messaging
Bank ATM
Online website on desktop/laptop
Online via a mobile app or website
2018
2020
Mobile use has
increased from 2018 30% – 44%

23. Percentage of respondents per
persona using online via mobile or
the website at least 2-4 times a week
20%
33%
7%
11%
Sceptics
Pioneers
Traditionalists
Pragmatists
Digital
engagement
surges, and
is here to stay
with online and
digital channels
being preferred
over others
Digital Engagement
of respondents would like digital
experiences to replace in-person
financial services activities
66%
A third of customers have no major gripes with Video Calls used by financial
services for remote interaction
26%
27%
36%
It’s less personal than a face-to-face conversation
It’s too intrusive
I don't mind the idea - I'm just more comfortable with other channels
Face-to-Faceis still the 2nd most popular channel when joining a new bank
35%
41%
48%
Online via a mobile app or website (or smartphone or tablet)
Face-to-face
Online website using a desktop/laptop computer

24. COVID-19
Response
Key finding 06

25. Banks are
perceived to have
responded well
to COVID-19
and have
communicated
effectively
COVID-19 Response
Rebuilding trust needs to happen precisely when many banks will
seek to taper COVID-19 support and make difficult credit decisions.
Seeking success, banks should strive to maintain the entrepreneurial
spirit that flourished in 2020.
The majority of consumers believe that their bank responded well
during COVID-19
Extended interest-free overdrafts were the most utilised COVID-19 service
56%
68%
73%
65%
25%
22%
18%
27%
19%
11%
9%
8%
Bank is passing interest rate reductions speedily and sufficiently
My bank is effectively communicating with me about its response
My bank is providing me with the support I need
My bank is providing the country with the support it needs
Agree Neutral Disagree
5%
5%
6%
7%
8%
Interest-free mortgage repayment holidays/deferrals
Interest-free credit card repayment holidays/deferrals
Advice on how to manage my finances during the outbreak
Guidance on how to use online banking digital tools
Extended interest-free overdrafts

26. Just under half of respondents indicated a desire for at least one form
of COVID-19 support to be available in the longer term
Question: Which of these types covid-19 assistance are you most likely to need in the longer term?
55%
12%
13%
14%
None of the above
Advice on how to manage my finances
Interest-free credit card repayment holidays/deferrals
Extended and/or interest free overdrafts
Banks are
perceived to have
responded well
to COVID-19
and have
communicated
effectively
COVID-19 Response
Pioneers were the main users of COVID-19 assistance
with the lowest uptake in traditionalists
6%
1%
17%
5%
Advice on how to manage my finances during the outbreak
Pragmatists Traditionalists Pioneers Sceptics

27. Neobank
unfamiliarity
Key finding 07

28. Neobank unfamiliarity
of UK respondents have a Neobank
account in 2020 increase from 9.5%
in 2018
of respondents are not tempted
by any Neobank features
to open an account, mostly
in the 65+ age range
15% 41%
High income user groups are most likely to have a Neobank account
but usage is fairly split across income groups
10%
14%
23%
45%
48%
45%
Low income
Medium income
High income
% who own Neobank account % Use Neobank for majority of transactions (of % who own Neobank Acct)
Neobank account
users have
increased by
50% since 2018
with uptake
increasing across
all personas

29. Neobank unfamiliarity
Neobank account
users have
increased by
50% since 2018
with uptake
increasing across
all personas
Satisfaction with existing providers and lack of knowledge about
Neobanks’ offering slows uptake in the UK
3%
3%
4%
7%
9%
9%
10%
11%
13%
16%
42%
50%
4%
20%
8%
6%
11%
30%
5%
19%
16%
11%
17%
43%
Lack of payment services (e.g. contactless cards, Apple Pay)
Desire to keep my finances separated (e.g. for spending and saving)
Desire for expert, experienced advice
Other
Concerns about data security and fraud protection
Complexity of switching
Desire for human support and interaction
Simpler to keep all my financial products with one provider
Concerns about neobanks' financial stability
Desire for physical bank branches
Unfamiliar with what neobanks offer
Happy with my current provider
Reason for not
using Neobank
account for the
majority of
transaction
Reason for not
having a Neobank
account
Simple and convenient digital experiences and good value for money
are the top factors that attract customers to Neobanks

30. We believe that you should keep these
five principles in mind:
Understand which shifts in consumer
behavior and preference are temporary
and which are here to stay, something
that our data shows is likely to vary
greatly by market.
Unearth the needs and expectations
of specific segments of your
customer base.
Determine how your strategy and
operating model need to change to
respond to these, reshaped preferences.
1
2
3
Prioritize technological flexibility and
agility so that new digital offerings can
be released at speed.
4
Inject humanity and personalization
into digital channels where they will
have the most positive impact.
5
Please contact us to learn more about this research,
and how Accenture can help your organization to remain
human, trusted, and relevant as the world continues
to change at an unprecedented pace.

31. Connect with our subject matter experts
Dr Peter Kirk
UKI Customer Sales and Service Lead
peter.kirk@accenture.com
Graeme Smith
Senior Manager, UKI Customer Sales and Service
graeme.b.smith@accenture.com
Hayley Taylor
Manager, UKI Customer Sales and Service
hayley.taylor@accenture.com
Transforming the customer conversation
in financial services
UKI FS Customer Survey 2020
Financial services customers reveal their new
demands. Please email Graeme Smith to receive a
copy of the findings.
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