How disruptor brands are reshaping the financial services industry

October 2020
An illustration of a man searching for financial services on a laptop.

Even before the pandemic, the financial services industry was grappling with “disruptor” brands — digitally native challengers that deliver innovative experiences across products and services to make customers’ financial services easier. They offer products and features that surpass consumers’ expectations, like personalization or seamless integration with other accounts and services. With their commitment to meeting customer needs, they’re elevating consumers’ expectations of banks, insurers, and payment providers altogether and, ultimately, changing what it means to be a trustworthy financial service brand. As the uncertainty of COVID-19 wears on, the stage is set for a dramatic acceleration of these trends.

In the end, early adopters and mainstream financial decision-makers want and need the same things: financial wellness and security. It used to be that trust in established financial services came from good stewardship of customers’ money. Now, trust is increasingly driven by good stewardship of the time and effort customers put into managing their financial lives. The future of finance industry trends will be shaped by brands that build experiences deserving of consumers’ trust.

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Sources (11)

1-3 Google/Known, Financial Disruption Study, U.S., base n=6,025 household financial decision-makers A18-74, for the purposes of this study, a “disruptor brand” is defined as a financial product or service introduced within the last 10 years or so that takes a primarily digital-first approach to serving customers, March 26, 2020–April 6, 2020.

4 Google/Known, Financial Disruption Study, U.S., base n=6,025 household financial decision-makers A18-74, for the purposes of this study, a “disruptor brand” is defined as a financial product or service introduced within the last 10 years or so that takes a primarily digital-first approach to serving customers, population estimates based on projections from survey responses, March 26, 2020–April 6, 2020.

5 Google/Known, Financial Disruption Study, U.S., base n=6,025 household financial decision-makers A18-74, March 26, 2020–April 6, 2020.

6-7. 9 Google/Known, Financial Disruption Study, U.S., early adopters base n=2,164 A18-74, latent class analysis performed to cluster respondents into three groups of adopters based on nine questions, March 26, 2020–April 6, 2020.

8 Google/Known, Financial Disruption Study, U.S., early adopters, payments deep dive n=566 A18-74, latent class analysis performed to cluster respondents into three groups of adopters based on nine questions, March 26, 2020–April 6, 2020.

10 Google/Known, Financial Disruption Study, U.S., base n=6,025 household financial decision-makers A18-74, latent class analysis performed to cluster respondents into three groups of adopters based on nine questions, March 26, 2020–April 6, 2020.

11 Google/Known, Financial Disruption Study, U.S., n=2,164 earlier adopters vs n=3,861 unsatisfied persuadables + mainstreamers A18-74, latent class analysis performed to cluster respondents into three groups of adopters based on nine questions, March 26, 2020–April 6, 2020.

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