Mintel Comperemedia has announced ‘DIY Financial Wellness’ as a key marketing trend set to impact the North American financial services industry in 2018.
Mintel predicts that the personal financial management tools of yesterday will evolve into do-it-yourself (DIY) financial improvement apps founded on the research of behavioral economics and powered by artificial intelligence (AI).
Lily Harder, Vice President of Research at Mintel Comperemedia, said:
“Mirroring recent changes in the healthcare, self-help, and diet industries, advancements in financial wellness are gaining some much needed momentum and more and more consumers are finding comfort in having control over their own financial situations. In the year ahead, financial marketers are well positioned to incorporate effective and engaging personal financial management strategies into their existing digital offerings, drawing from lessons in behavioral economics and taking advantage of advancements in artificial intelligence.”
In 2018 and beyond, the concept of personal financial management will adapt to consumers’ desire for simplification, gamification, and education. As younger generations begin to take control of their own financial futures, expect to see a shift occur toward DIY goal setting and portfolio management that is rooted in AI-driven guidance.
“Consumers are looking for ways to simplify their lives, but also gain some control at a time when fake news and sociopolitical unease are a daily occurrence. Looking ahead, we predict that do-it-yourself financial wellness will pave the way for financial services marketing to focus on a more holistic, customer-centric message that brings financial products into every aspect of the customer journey,” concluded Harder.