With mobile payments poised to reach a tipping point, banking and insurance have truly grown into the digital age. The finance industries and their customers have been slower to fully adopt digital technology, and for understandable reasons. Fears about digital privacy and security are natural for individuals engaging in any type of e-commerce, but these concerns are heightened when dealing with personal finances compared to just buying clothes or booking a hotel.
A recent study by Mindtree confirmed this. Among 2,300 global consumers who use online banking or insurance products, 42% are concerned with online payment and fraud, 37% are concerned with privacy and security, and 31% dislike having a less human experience - all significantly higher than responses when customers were asked about these issues in the retail, entertainment and travel industries.
But the study also reveals what may be the best way to turn the tide - with an advanced, robust personalization strategy.