IPSOS Is the Behavioural Lens Out of Focus? VIEWS CASE STUDY 2: In 2016 Ipsos conducted a ‘behavioural review’ of 104 Fintech companies around the world (US, Canada, Brazil, Financial services and Fintech UK, France, Germany, Switzerland, Denmark, India, China and Australia) operating in twelve sectors of financial Financial technology (Fintech) is creating opportunities to services: wealth management, retirement planning, money capture and use financial data in radically innovative ways transfer, payment systems, investments platforms and for customers to transact, invest, borrow and manage their products, P2P lending, retail banking, personal day-to- day-to-day finances or their retirement savings. Fintech is at day money management, SMB financial management and the cusp of creating intense competition with mainstream insurance. The purpose of the analysis was to identify how financial services companies. each Fintech company tries to fit around and leverage the key internal forces that shape behaviour. A 2016 global review from PwC on Fintech included a Using the SAM lens, the analysis revealed that 61% of them survey of financial services companies (banking, asset maximise ‘me or we’ rewards, that is rewards that target management, insurance and payment sector) around the both self-interest and group or community interest. For globe. 83% of the companies surveyed believe that part example, in Germany Fidor online bank’s motto is “Banking of their business is at risk of being lost to stand-alone with friends”: it offers easy, quick and fair banking that appeals Fintech companies. Emerging trends believed to be most to the economic needs of customers. In addition, Fidor important by the banking sector all relate to making it easier has created Germany’s “most active finance community of (cognitive effort) as well as more attractive (maximising) and customers, employees and senior executives of the bank” to transparent (removing negative emotion) for customers: remove the lack of transparency and information asymmetry of traditional banks. The community comes first, banking second: better financial decisions for customers come Emerging Trends in the Banking Sector from the sharing of knowledge and experiences within the community. Property Partner enables investor to invest in 1. moving to simplification and streamlined property like they would invest in shares (crowdfunding model product application from £50) and provides healthy returns after fees. Many of the Fintech companies are attractive because they 2. implementing solutions that will improve use technology to provide more attractive products to and simplify operations customers and investors much more efficiently. 3. emergence of self-service tools Minimising effort, making it easy for customers and investors is paramount for both Fidor and Property Partner. The 4. moving towards nonphysical and virtual review of the Fintech companies showed that 91% leverage channels energy conservation by making more and more aspects of wealth management, investment platform, retail banking or 5. enhancement of credit decision-making peer-to-peer (P2P) lending exceedingly easy, streamlined in process, very flexible in access, terms (to understand) and 6. increasing services and solutions for visually simple and appealing. underserved customers 12