New Report from NielsenIQ and Diebold Nixdorf Unveils Five Distinct Motivators that Shape Consumer Experiences in Banking

Rhea-AI Summary

Diebold Nixdorf (NYSE: DBD) and NielsenIQ have released the "Motivations in Modern Banking" report, revealing insights from a survey of 12,000 consumers across 11 countries. As banks adapt to digitalization and evolving consumer needs, the report identifies five distinct consumer segments: Simplicity Seekers (31%), Guarded Explorers (24%), Struggling Realists (19%), Established Traditionalists (18%), and Empowered Self-Starters (8%). Understanding these segments will help financial institutions enhance service quality and consumer engagement.

Positive

• Identifies five distinct consumer segments for targeted banking solutions.
• Survey data helps banks enhance outreach and service quality.
• Improves understanding of consumer motivations behind banking technology.

Negative

• None.

NORTH CANTON, Ohio, Nov. 2, 2021 /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD), a global leader in driving connected commerce across the financial and retail industries, and NielsenIQ today announced results from the "Motivations in Modern Banking" report, based on a representative survey of 12,000 consumers in 11 countries.

As banks continue to transform due to digitalization, increasing competition, regulatory complexity and the COVID-19 pandemic, keeping track of how consumers' needs and behaviors are changing is critical to any transformation strategy. The results of the report help financial institutions better understand what's behind the way consumers engage with banking and technology. By understanding these unique motivations, organizations can improve outreach and service quality, win loyalty, and invest in solutions that resonate with consumers and deliver operational efficiency.

The report uncovers five "Tech Types": distinct financial consumer segments, each with a unique set of motivations, desires and expectations around banking technology. While local representation of the Tech Types varies country by country, each segments' distinct motivations and patterns remain consistent and entrenched. The following is a breakdown of the various Tech Types and their representation in the U.S.

1. Simplicity Seekers (31%) represent the largest consumer segment in the U.S. This Tech Type manages risk by avoiding unnecessary complexity and not relying on others, resulting in a demand for technology-driven banking services that follow the principles of simplicity and self-determination. 
2. Guarded Explorers (24%) crave human reassurance and will lean towards technologies with a human touch. 
3. Struggling Realists (19%) find financial management to be a challenge. Only 34% of the U.S. sample claim to have a good understanding of financial topics. Hence, they crave financial security and appreciation. 
4. Established Traditionalists (18%) perceive change as a risk. This Tech Type prefers to stick with long-standing habits and will only adopt technologies as they become widely accepted and safety proofed.
5. Empowered Self-Starters (8%) are an elite segment expecting hyper-personalization. About 82% of U.S. members of this Tech Type are open to share more personal information in exchange for more personalized services and offerings. 

Özlem Yilmaz-Daniel, NielsenIQ, Consumer Insights Team Leader, said: "Companies used to just look at gender and age, maybe financial state, and make their assumptions on what services would be most suitable for a customer. That is not enough to speak the same language. Think of their life stage, their beliefs and values, their habits and attitudes; these do not adhere strictly to certain ages."

Simon Powley, Head of Advisory Services and Consulting at Diebold Nixdorf, said: "For banks to truly understand how to cater their technology experiences to their consumers, they must understand the 'Why' - the motivations that drive what consumers crave from their banking experience. Those banks that can understand these motivations will improve outreach and service quality, win higher loyalty, and focus investments on areas where they will make the biggest difference."

To download a copy of "Motivations in Modern Banking - Beyond the 'Who': Understanding Why Consumers Respond in Certain Ways," please visit DieboldNixdorf.com/DiscoverTheWhy. The results from this study were revealed at DN Intersect Online on October 26, 2021, where the best and brightest in the financial industry explore common themes and discuss the latest global banking trends. A replay of the webinar is available here.

About NielsenIQ

NielsenIQ is the leader in providing the most complete, unbiased view of consumer behavior, globally. Powered by a ground-breaking consumer data platform and fueled by rich analytic capabilities, NielsenIQ enables bold, confident decision-making for the world's leading consumer goods companies and retailers.

Using comprehensive data sets and measuring all transactions equally, NielsenIQ gives clients a forward-looking view into consumer behavior in order to optimize performance across all retail platforms. Our open philosophy on data integration enables the most influential consumer data sets on the planet. NielsenIQ delivers the complete truth.

NielsenIQ, an Advent International portfolio company, has operations in nearly 100 markets, covering more than 90% of the world's population. For more information, visit www.nielseniq.com.  

About Diebold Nixdorf

Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce. They automate, digitize and transform the way people bank and shop. As a partner to the majority of the world's top 100 financial institutions and top 25 global retailers, their integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.

Twitter: @DieboldNixdorf 
LinkedIn: www.linkedin.com/company/diebold 
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf

DN-B

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-report-from-nielseniq-and-diebold-nixdorf-unveils-five-distinct-motivators-that-shape-consumer-experiences-in-banking-301413677.html

SOURCE Diebold Nixdorf, Incorporated

FAQ

What does the "Motivations in Modern Banking" report by Diebold Nixdorf reveal?

The report identifies five consumer segments based on motivations, helping banks enhance service quality.

How many consumers were surveyed in the Diebold Nixdorf report?

The report is based on a survey of 12,000 consumers across 11 countries.

What are the five consumer segments identified in the report?

The segments are Simplicity Seekers, Guarded Explorers, Struggling Realists, Established Traditionalists, and Empowered Self-Starters.

What is the significance of the Tech Types in the banking industry?

These Tech Types help banks tailor their services to meet specific consumer needs and improve loyalty.

When was the report on consumer motivations in banking released?

The report was revealed on October 26, 2021.