Integrated financial services provider Additiv revealed that two-thirds of consumers would take investment services from non-financial service providers.
The findings come from a survey, which was part of Additiv’s report: Understanding the Embedded Finance Opportunity – Consumer study 2022, released today.
The survey of over 3,500 consumers, across multiple countries and demographic groups, revealed that consumers are quite open to alternative financial products.
More than half of consumers would consider switching from a bank or other traditional financial services provider to a non-financial branded channel if they provided more innovative services, for example.
Meanwhile, 70% of consumers would like to use cash back and loyalty points to invest and almost three-quarters would be willing to switch payment methods in exchange for rewards.
More than half of consumers would like to remove complexity by bundling services into a single monthly subscription (such as digital subscriptions, tax-free savings and investment programs, and different insurance products).
More than two-thirds of consumers are interested in setting aside money in online pools for different purposes (from an organization other than a bank).
Adoption and satisfaction with online trading and investing platforms are already high, at 34% and 63%, respectively.
“Key insights from our survey provide critical data and considerations to enable any brand (financial or non-financial) to improve customer engagement and/or build an integrated business case,” said Christine Schmid, Head of of Additiv’s strategy.
“[The report] underscores the breadth of opportunity for brands willing to move beyond transaction banking and into relationship financial services such as mortgages and wealth management. The survey results indicate that there is an unmet demand for these relational financial services and that consumers have a propensity to take services across all non-financial service channels.