Experience Matters

Research conducted by the Office for National Statistics has shown that the mass affluent segment in the UK continues to grow. However, many consumers in this segment find it difficult to make complex decisions about their financial future and, as a whole, the segment remains underserved by financial services providers. In order to effectively and meaningfully reimagine the design and delivery of financial products and services to better serve this demographic, we believe a collaborative and customer-centric approach is key.

Our research showed that 64% of people surveyed want a relationship with an adviser whom they believe is invested in their financial wellbeing. This means that the ability of organisations to build a rich and empathetic understanding of those they serve, putting their customers at the heart of the re-imagination of their product and service offerings, will be a key differentiator.

As one might imagine, many families struggle to find the time to create and regularly review their financial plans. With demanding jobs and busy family lives, 68% of affluent families who participated in our research said that they only have time to engage with or review their financial plans “every couple of months.”

As reported in the Financial Times, we also found a notable disparity between how often men and women engage with their financial planning. Our findings showed that men to be more engaged and tend to check the progress of their investments more frequently than women. Forty five percent of men said that they check their investments “at least weekly”, compared with only 27% of women. This disparity, and the consumer desire for a relationship with an adviser who is invested in their well-being, demonstrates a need for providers to offer tailored information to build engagement in a personalized way; building meaning for the consumer into their offering.

Download and read our full report now for all of our insights and recommendations, gleaned from our research with affluent customers. The report is structured in accordance with moments in the financial planning process as experienced by the customer. 

If you have any questions about our research, or would like more information about our services, please contact Peter Neufeld.

Peter Neufeld
EY Advisory Partner & 
Head of FS Digital Customer Experience EMEIA

Peter works with Financial Services clients in the UK, Europe, Middle East and Africa to help them embed new capabilities into their organisation, build innovative new products and services, and transform their business through customer centricity, rich insight and service design.

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