Banking on the human dividend in the age of financial wellness

CONSUMPTION across Asia continues to undergo a transformation, as regional economies put the pandemic disruption in the rear-view mirror and consumer demands evolve. Digitalisation is a fact of life, but consumers have become increasingly savvy and demand a seamless, digital menu to assist with most aspects of day-to-day life, while still possessing a yearning for the human touch.

All companies must balance a consumer’s inclination towards human-led experience with their appetite for automation-driven products and services, but this is particularly pertinent in the financial services sector. Consumers are starting to perceive financial wellness as part and parcel of overall wellness and are looking to financial services providers as more than just service and product vendors – indeed as custodians of their financial wellness.

To thrive in this landscape, financial services brands must offer frictionless convenience. Whilst being extraordinarily adept at leveraging artificial intelligence and the digital tools at their disposal, they must consciously ensure a human component is applied in all interactions with the consumer. Research recently commissioned by global advertising firm dentsu found that consumers, particularly in Asia, want financial institutions to think beyond financial products. They want their experience to offer support and education, maintain a genuine human touch at key service touch points, along with offering innovative products that prioritise sustainability, diversity, equity and inclusion (DEI) along with holistic well-being.