Feedback

Banking & Finance analysis

Subscribe to industry newsletters

Bizcommunity has over 400 industry contributors and we always welcome further contributions and contributors.
Advertise with us
Advertise & RatesMy Account
Company press officeList company
Recruitment packagesSubmit job ad
Download ratecard
Banking & Finance analysis

Reducing stress is key to financial services providers' success

LONDON, UK: Financial services providers need to remind consumers that they can play a role in reducing stress, rather than adding to it, finds Datamonitor.
Reducing stress is key to financial services providers' successA new report* by the independent market analyst has revealed that there are significant opportunities for financial services providers to improve their relations with cynical consumers by providing tools, guidance, and a product mix geared towards reducing financial stress.

Will Mayne, analyst at Datamonitor, said: "Consumers need to be educated about the role of financial services. There is a lack of understanding and knowledge and this just fuels stress and fear among consumers. In the current economic climate, when people are facing difficult financial decisions, it is vital that financial services providers reverse this and convince consumers that they can provide the support they need to reduce their financial stress."

Keep it simple, do it in moderation

The report reveals that simplicity and moderation are now very important to consumers. Financial services providers can deliver this by providing consumers with the means to manage their financial wellbeing more effectively. The Money Manager service from Lloyds is an example of how a bank can actively help give consumers control over their spending and alleviate stress. Mobile banking also provides clients the ability to check their finances on the go, therefore nipping any anxiety in the bud.

Mayne continued: "With consumers remaining cynical about the financial services industry, it isn't about just competing on price. In many cases, financial services providers that can offer simple, functional tools that empower consumers, allow them to make important decisions, and help reduce their anxieties about money will reap the rewards over the next few years."

Related research

*The Wellbeing Consumer Trend in Financial Services: Financial Stress Reduction

© Datamonitor, 2011


SOURCE

Datamonitor
Datamonitor is a leading provider of online database and analysis services for key industry sectors. We help our clients, 5000 of the world's leading companies, to address complex strategic issues. Through our proprietary databases and wealth of expertise, we provide clients with unbiased expert analysis and in-depth forecasts for seven industry sectors: automotive, consumer markets, energy, financial services, pharmaceuticals and healthcare, technology, transport and logistics.
Go to: http://www.datamonitor.com
    
 
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.

News