HK managers should use digital technologies to connect with customers

Hong Kong managers of financial services companies need to recognise when their customers want to speak to a person and when a robot will do or even be preferred.

Nearly seven in 10 consumers globally of banking, insurance and financial advisory services are willing to use robo-advice – computer-generated advice and services that are independent of a human advisor – according to a new report by Accenture. Yet, a high number of consumers still want human interaction for their more complex needs. This presents a challenge for managers who need to figure out how to blend a physical presence with an advanced digital user experience, as they look to integrate robot and human services.

The global Distribution & Marketing Consumer research by Accenture, which includes a survey of more than 32,000 consumers in 18 countries and regions including Hong Kong, found that the vast majority of customers are willing to exclusively receive robo-generated advice for certain banking and insurance products, in addition to investment products – where the trend first emerged several years ago.

For example, 77 per cent of the respondents from Hong Kong said that in the future, they would be willing to receive advice about which type of bank account to open in a way that was entirely computer-generated, without any input from a human advisor. Seventy-eight per cent of the Hong Kong respondents said they would be willing to get similar advice about which insurance coverage to purchase.

What we have learned from this study is that consumers see several perceived benefits around robo-advice, including speed, lower costs and less chance for human error. Managers expect to benefit from internal cost reduction by providing customers with a ‘robo’ option. But managers should recognise that our research found that consumers also expect first-class human interaction.