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Eliminating Friction in Financial Services Path to Purchase Disclaimers

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Eliminating Friction in Financial Services Path to Purchase Disclaimers Eliminating Friction in Financial Services Path to Purchase Disclaimers The content herein is based on the primary survey carried out and consequent data provided by Nielsen India on behalf of Facebook India Online Services Private Limited (“Primary Data”) which has been relied upon while conducting the secondary survey by [KPMG in India] (“KPMG”). KPMG has also referred to information from public domain and other secondary sources in conducting secondary survey (“Secondary Data”). KPMG has not verified or investigated Primary Data or Secondary Data and assumes no responsibility for the veracity, accuracy and completeness of such information and will not be held liable for it under any circumstances. KPMG accordingly disclaims all responsibility and liability for use of such Primary Data or Secondary Data, including disclaims any warranty for accuracy, veracity, completeness or non-infringement. This study is commissioned by Facebook. Zero Friction Future is intellectual property of Facebook and cannot be used without prior consent. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. In connection with the report or any part thereof, KPMG does not owe duty of care (whether in contract or in tort or under statute or otherwise) to any person or party to whom the report is circulated to and KPMG shall not be liable to any party who uses or relies on this report. KPMG thus disclaims all responsibility or liability for any costs, claims, damages, losses, liabilities, expenses incurred by such third party arising out of or in connection with the report or any part thereof including for any acts of commission or omission therein, howsoever caused. Although we have attempted to provide correct and timely information, there can be no guarantee that such information is correct as of the date it is received or that it will continue to be correct in the future. Use of companies’ names in the report is only to exemplify the trends in the industry. We maintain our independence from such entities and no bias is intended towards any of them in the report. The report may make reference to ‘KPMG Analysis’; this merely indicates that we have (where specified) undertaken certain analytical activities on the underlying data to arrive at the information presented; we do not accept responsibility for the veracity of the underlying data. The views and opinions expressed herein are those of the interviewees, survey respondents and do not necessarily represent the views and opinions of KPMG in India. By reading this report, the reader of the report shall be deemed to have accepted the terms mentioned hereinabove. 2 3 The report aims to Credit cards Insurance Loans cover three financial products in the industry - Credit Cards, Insurance and Loans. Page: 13-37 Page: 38-67 Page: 68-97 4 Sections covered 01 02 Friction Executive Decoded — Summary Scope of Opportunity 04 05 Friction Busting — Zero Friction Increasing The Future — 03 Sales Opportunity Reimagining With Mobile The Purchase Journey Friction Mapping — Understanding Friction 5 Executive summary Against the backdrop of important structural reforms, India’s stage of the journey, and a further deep-dive study was financial sector has been recording strong growth in the recent conducted among 1221 respondents in the financial products years. Increased diversification, disruptive digital business category across varied demographic and socio-economic models and technology driven-solutions have supported growth groups. KPMG in India, also interacted with industry experts to of the financial industry. The retail credit outstanding is poised obtain their perspective on the possible approaches to reduce for a robust growth of ~15 per cent to reach USD725 billion by friction and improve the conversion rates. 2022[1], while the insurance industry is expected to reach USD160 billion by 2022 at a CAGR of ~15 per cent[2]. With the cultivation of the digital payment ecosystem, the credit card Our research indicates that: transaction market is expected to touch USD143 billion by 2022 at a robust grow rate of ~20 per cent[3]. • In the credit cards category, ~29 per cent of consumers drop out due to friction, and nearly one-third of this friction is Reducing cost of internet and government push to encourage caused by media digitisation have accelerated the adoption of financial products. • In the insurance category, ~37 per cent of consumers drop India’s banking sector is at a crossroad as traditional financial out due to friction, and nearly half of this friction is caused by players face huge disruptions with digital growth propelling media changes in technology, consumer mindsets and their purchase • In the loans category, ~32 per cent of consumers drop out behaviour. More consumers now rely on the internet and mobile due to friction, and nearly one-fourth of this friction is caused phones to meet their banking needs. by media The purchase of financial products, by their very nature, is a high • Mobile platforms are expected to influence about 8 out of 10 involvement process and requires assistance to make a sound credit card and insurance purchases, while about 6 out of 10 decision. This report aims to understand the consumers’ personal loan purchases and about 7 out of 10 other loan purchase behaviour and reasons that lead to consumer purchases by 2022 dissatisfaction and their dropouts in the path to purchase of a − Facebook is expected to influence nearly half of the financial product, referred to as ‘friction’, which may lead to mobile-influenced purchases for life insurance and other potential loss of revenue for brands. The study focuses on the loan categories by 2022 retail business of credit cards, loans and insurance. Loans − Facebook is expected to influence nearly one-third of the include personal loans, which are unsecured, and other loans mobile-influenced purchases for credit cards, other such as home loans, auto loans and consumer durables loans. insurance and personal loan categories by 2022 Insurance captures life insurance and other insurance including • Mobile-enabled purchase journeys are shorter than offline by health and general insurance. The study does not cover the 22 per cent for credit cards, 17 per cent for insurance and 8 sales of commercial financial products. per cent for loan categories To understand the path to purchase and friction at different • Mobile could help brands tap into a credit card transaction stages of the purchase journey, a random listing study opportunity of ~USD38 billion, insurance premium income was conducted by Nielsen India on 3,000 respondents to opportunity of ~USD70 billion and loans outstanding understand the proportion of the population that falls at each opportunity of ~USD219 billion, by reducing media friction Sources: [1] Sectoral development of Bank credit, RBI, March 2018; India consumer payment research, TransUnion CIBIL, [2] March 2017 Asia Insurance Market Report 2018, Note: Retail lending under this study excludes agricultural loans, while credit cards have been studied separately Willis Towers Watson, February 2018; IRDA Annual report 2016–17, IRDA, Jan [3] 2018 Credit card transactions, Euromonitor, 6 July 2017 7 Understanding the multidimensional consumer Technology has redefined the manner in which consumers make financial decisions and purchase financial products. It is becoming increasingly important for brands to cater to these changing needs with a smooth experience across the entire path to purchase. Understanding the complex underlying drivers of this evolving consumer behaviour has become more important with the acceleration in the disruption caused by the digital age. KPMG’s 5Mys framework is designed to help identify the real drivers of consumer behaviour, along with the critical trade-offs among purchase decisions across the breadth of the consumer wallet, leading to more targeted and contextualised experiences, products and services that create value for both the consumer and company. The 5Mys framework to understand the financial product consumers* My motivation My attention My connection My watch My wallet Motivational characteristics The ways consumers How consumers connect How consumers balance How consumers adjust that drive behaviours direct their attention to devices, information constraints of time and their share of wallet and expectations and focus and each other how they change across across life events life events • Financial safety • Rewards aligned to usage • Credit cards integrated • Quick application and • Easy and flexible • Wealth creation • Miscellaneous benefits for smart purchase prompt approval and payment options activation • Life goals, fear of an offered such as insurance • Peer reviews and • Transparent payment unknown event, on credit cards recommendations • Instant gratification on terms and conditions unplanned/emergency • Expansive partner tie-ups • Insurance covers credit cards • More partners/tie-ups for expenses • Extensive disease provided by employers • Special life event offers usage options • Convenience of credit card coverage in terms of • Community insurance • Prompt customer services • Easy points redemption usage at point-of-sale health insurance • Existing relationship with such as KYC verification • Incentivised insurance • Attractive usage offers and
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