More consumers are embracing digital, giving banks access to a wealth of valuable customer data. Yet many traditional banks overlook the opportunities that this data presents. The marketplace is changing drastically, and banks need to make use of this data to keep up. It’s a question of not only what they offer, but also how, when and in which delivery channels.

Consumer understanding in banking: how well do you really know your customers?

Our Global Consumer Banking Survey of more than 55,000 consumers, conducted in early 2016, highlights current gaps and opportunities:

Traditional segmentation – based on demographic factors such as age, financial parameters, profession, earning potential and geographic location – is inadequate for comprehensive customer understanding.

Deeper insights about behaviors, attitudes, life stages and lifestyle factors are necessary to gain nuanced understanding, to build actionable strategies.

“Digital savviness” and “financial savviness” — knowledge and comfort level using online and mobile channels and banking products — offers an alternative, insightful way of segmenting customers.

Our analysis of the survey results demonstrates four new segments:

Pros are confident self-managers of their finances who are fully comfortable in digital channels; pros may try nonbanks and digital providers that offer better digital experiences. More on Pros

Digital stars also feel in control of their finances, but less so than Pros and still value 24/7 access to service staff. They are the most receptive toward nonbanks. More on Digital stars

Traditionalists feel the least confident with their finances and worry about data security and digital channels. Preferring banks with branches, they are loyal but less profitable than other segments. More on Traditionalists

Financial stars feel in control and comfortable self-managing their wealth. They are neutral to digital channels and alternative providers, while valuing the expertise and services of traditional banks. More on Financial stars