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A new report produced by the research company, Forrester, into the changing preferences of financial services customers in Asia Pacific markets, reveals some valuable pointers for accounting firms operating anywhere in the world and looking to gain future competitive advantage.
The findings based on the views of 14,900 online adults in Australia, metro mainland China, metro India, Indonesia, Malaysia and Singapore make fascinating reading and will help accountants better understand their clients’ needs and successfully navigate the future.
Here are the top 12 takeaways:
The Future
A new cast of characters is building financial trust with established retail banking and life insurance providers facing competition from non-traditional players, digital-only players, eCommerce and payment providers and technology giants, including Google, Apple, Amazon, Facebook and Samsung.
While banks are still the most trusted organisations, interestingly Google and Apple are not far behind in third and fourth place respectively. They are seen to be gaining market share by offering simple, convenient, and more personalized digital experiences.
This represents a real challenge for accountants in a region where consumers lead the demand for product and experience innovation and prefer digital channels such as online on a computer, on a mobile website or on an App on devices such as tablets and smartphones
Industry Change Set to Accelerate
The pace of industry change is about to accelerate, and the stakes are rising. Empowered customers are increasing their expectations faster than leading organisations can respond.
The report recommends that financial institutions should:
‘The Pulse of Financial Services Customers in Asia Pacific’ report finds that digital consumers in this region are more willing to experiment with new services and operating models than ever before. They are also highly savvy and skilful at finding the best deals and believe that finding a better financial provider can only help improve their financial well-being.
Implications for Accountants
The report puts digital firmly at the centre of consumers’ needs and accounting firms that are looking for sustainable and long-term success will need to ensure their clients can accomplish any task relating to their finances on a mobile device. This can be achieved easily by utilising a mobile communications platform that delivers engagement with clients on their smartphones and tablets 24/7 and connects clients to a single centralised location so they can have instant access to any financial information or documents, wherever they are.
This is an important ‘must have’ and the accountancy profession can learn from the experiences of those in the insurance market that have embraced digital engagement channels but have not provided that all important holistic view of a client’s financial affairs. A telling number of customers – between 40% and 60% – say that they find the service lacking because they are unable to get a complete view of their policies, premiums, savings totals and rates of return.
The report concludes that the empowered customers that are typical of this region will dynamically deconstruct their personal financial services ecosystems and reassemble them with newer and better players. The race is on and accountants that want to gain that all important competitive advantage will need to ensure their own digital transformations are underway.
To find out more about how successful firms are embracing digital channels and using an App to deliver successful engagements with both clients and prospects, book you free App demo today!
If you have any queries about how to get the best from your App and further your marketing capabilities, Connor is the person to contact. Connor specialises in marketing and customer care, handling App calls and providing a key service to ensure clients can promote their App effectively using a range of marketing strategies. MyFirmsApp provide the world’s leading App solution for Accountants and Bookkeepers, and Connor helps professional service firms in overseeing the progress of their App project and helping them to drive engagement with their clients. His experience and skills though having a BA Hons degree in journalism are invaluable to the team. For any App marketing queries you can contact Connor on 01325 469 603. Outside of work: Connor enjoys playing guitar and going to gigs. He is a big fan of Oasis and The Stone Roses. He also likes socialising with friends and family, and following Newcastle United.