The changing role of the financial services intermediary
A report by BZB-Fedafin and PwC Belgium
of respondents trust their intermediary and follow their advice
find it very important to receive the right information at the right time
don’t fully understand the complexity of their financial products
don’t fully understand how the intermediary manages their products
In the world of financial services, customers generally see value in the services of their intermediaries. To build and maintain customer loyalty, intermediaries need to look beyond the obvious price-product-brand matrix: customers seek meaningful relationships with their intermediaries.
In collaboration with BZB-Fedafin, PwC asked 1,495 customers of financial intermediaries in Belgium to weigh in on how they feel about their relationships with and the services provided by their intermediaries. Previous studies showed that intermediaries needed to digitise to better serve their customers, but now that their use of digital tools is the norm, they need to focus on trust, interaction and relevance to retain and grow customer loyalty and satisfaction.
Overall, financial intermediaries maintain strong relationships with their customers. We found that:
Customers don’t limit their purchase decisions to factors like price or brand: they’re looking for easy-to-understand information they trust, for which they rely on the competencies of their intermediary.
That’s why this study focuses on three pillars, which go beyond the oft-cited 'price vs. brand' to explore another set of customer priorities.
While intermediaries score well overall on these points, our survey identifies key areas with room for improvement.
Customers have a lot of choices, and want meaningful relationships with those with whom they do business. Trust is key to building these relationships.
Intermediaries are expected to provide comprehensive information in a clear and understandable way. Timely and relevant information is essential to responding to customer needs.
Being there at the right time, through the right channels, with the right frequency plays an important role in the relationship between customer and intermediary.
The study reveals three main areas the intermediary can focus on to boost customer satisfaction:
In the centre of these three areas lies the 'sweet spot'.
Director, PwC Belgium
Tel: +32 49 956 7399
Manager, PwC Belgium
Tel: +32 47 494 9565