Consumers are reluctant to change banks but are quick to move to another insurance provider. In both the banking and insurance sectors, the brand leaders struggle for competitive advantage by trying to lure away new customers and retain their existing base.
Emotional, subconscious factors play an outsize role in financial services decision-making. The key to securing brand preference is to understand the moments when customers are open to change and the emotional factors that drive decision-making – and then develop propositions that connect both emotionally and rationally with target customers.
That was the main takeaway from Current Asia’s recent “Switchers and Stayers” Roundtable.
Executives from Credit Suisse, Standard Bank, BNP Paribas, RGA, and Sunlife shared their perspectives. Former CMO and consultant Andy Brent. provided a market scan and insight based on Daniel Kahneman’s Nobel Prize-winning work.
New platforms and analytics now provide deeper insights into the subconscious motivations for consumers’ financial services choices. Current Asia and Think Again Growth have partnered to help brands gain the insights they need, and develop campaigns to influence customer’s emotional choices. To learn more, contact David.ketchum@currentasia.com
