The Digital Transformation in Australia and New Zealand
Trends /
Technology
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Financial services in Australia and New Zealand have had a rocky few years, from the Hayne Royal Commission to the bushfires to Covid‑19. The pandemic has pushed the financial services industry in Australia and New Zealand to adapt at full tilt. There have been changes to legislation, heightened customer expectation, and an accelerated digital transformation which has changed how we work, communicate and consume.
A recent Deloitte study in New Zealand found that 63% of consumers believe they will rely on digital technologies more than they did before the pandemic. Less human contact has increased financial services' need to build trust and connect more meaningfully with their customers in this digitally‑transformed world.
A recent Deloitte study in New Zealand found that 63% of consumers believe they will rely on digital technologies more than they did before the pandemic. Less human contact has increased financial services' need to build trust and connect more meaningfully with their customers in this digitally‑transformed world.
Visually, we saw very quickly how financial services reflected our new realities at home as a result of Covid‑19. In the last 12 months, we saw visuals of working from home increase over 245% and home‑schooling increase by 1933%. However, visualising these realities is only part of the opportunity. This digital transformation has shaped not only our reliance on online financial services and products, but it has also heightened our expectation for a more personalised approach which understands what we value and want. To build trust and connect more purposefully, it’s important to consider what the different generations value.
Our Visual GPS research shows there are both key differences and similarities between the generations when it comes to technology. All generations use technology to feel connected to those that matter most. 76% of Australians and New Zealanders now expect technology to improve their ability to do business with the financial industry and don’t just want innovation for innovation's sake.
Our Visual GPS research shows there are both key differences and similarities between the generations when it comes to technology. All generations use technology to feel connected to those that matter most. 76% of Australians and New Zealanders now expect technology to improve their ability to do business with the financial industry and don’t just want innovation for innovation's sake.
Gen Z and Millennials
Gen Z and Millennials are twice as likely to be negatively affected by technology. However, they are also much more likely to adopt newer technologies into their everyday lives. 69% are discovering every day a new way in which technology is making their lives easier, and a further 63% are excited by how artificial intelligence could impact their lives. These generations will respond well to the futuristic side of technology if it demonstrates the possible benefit it could bring to their everyday lives. It is also important to include broader and more authentic emotions which show a balanced view of the impact of technology use on them.
Gen X and Boomers
Gen X and Boomers are not about the bells and whistles when it comes to technology. They want honesty and transparency. 56% said they would stop using a financial services company that does not show it cares about the well‑being of its customers. This presents an opportunity to demonstrate realistic digital adoption but also show how it can positively help their well‑being.
Building Trust across All Generations
Across all generations, it's still necessary to build trust when it comes to technology. 89% of all consumers in Australia and New Zealand expect companies to prove they are committed to protecting their privacy and data, and 68% believe we are headed for a major cyber attack. They want to see how the product or service will fit into their lives, and to see people like them and their reality. Move beyond showing the pure functionality of technology and look to show the experience technology is enabling. It is important to ground it in a reality we know and ensure that we are seeing people like us across different lifestyles, cultures, and various intersections of identity.
Gen Z and Millennials are twice as likely to be negatively affected by technology. However, they are also much more likely to adopt newer technologies into their everyday lives. 69% are discovering every day a new way in which technology is making their lives easier, and a further 63% are excited by how artificial intelligence could impact their lives. These generations will respond well to the futuristic side of technology if it demonstrates the possible benefit it could bring to their everyday lives. It is also important to include broader and more authentic emotions which show a balanced view of the impact of technology use on them.
Gen X and Boomers
Gen X and Boomers are not about the bells and whistles when it comes to technology. They want honesty and transparency. 56% said they would stop using a financial services company that does not show it cares about the well‑being of its customers. This presents an opportunity to demonstrate realistic digital adoption but also show how it can positively help their well‑being.
Building Trust across All Generations
Across all generations, it's still necessary to build trust when it comes to technology. 89% of all consumers in Australia and New Zealand expect companies to prove they are committed to protecting their privacy and data, and 68% believe we are headed for a major cyber attack. They want to see how the product or service will fit into their lives, and to see people like them and their reality. Move beyond showing the pure functionality of technology and look to show the experience technology is enabling. It is important to ground it in a reality we know and ensure that we are seeing people like us across different lifestyles, cultures, and various intersections of identity.
