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A broadband future for financial advice
Financial-services companies have built powerful networks to encourage customers to do business on-line, but most consumers still want personal advice before making an investment. That could change, to these firms' benefit. More than two-thirds of customers—and nearly 80 percent of affluent ones—would accept on-line advice if it were easy to use, fast, and secure, according to European focus groups. Interactive broadband services, which can deliver advice from a trusted expert through the customer's PC or TV, could therefore attract new business. While pricing would be an issue for many people, such services could increase investment activity and help unite Europe's fragmented financial markets.
The take-away: Many sophisticated consumers are willing to accept on-line financial advice, especially if they already have a relationship with the provider. But unless a brand-name company delivers the service, investors are likely to use it only to gather information, not to close deals.
Articles provided by The McKinsey Quarterly
© 1992-2003 McKinsey & Company, Inc
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