Customers’ expectations from savings products

Abstract

Customers expect certain characteristics from long-term savings products. Providers are not able to supply all of these characteristics in one product at the same time. In addition, there are changing attitudes of the savers and the requirements to the financial institutions are evolving. The paper is analyzing the customers’ expectations from the long-term savings products. The manuscript is searching answer which are the most important characteristics of the savings products from the point of view of the client. The research is focused on three main areas: which are the customers’ expectations; what is the current environment in the market of savings products and what developments can we expect in the coming years. One of the conclusions is that the providers have to adapt their products to the customers’ expectations in order to succeed and to reach further development of the markets. Another conclusion is that customer centric products will gain greater trust among potential savers. We believe that the successful saving product has to be simple, transparent and cost-efficient. This reflects the surrounding environment of low interest rates, ageing population, increased informational flow, digitalization and alternative products development. To support the savers and the providers it is needed public help, targeting good coverage and constant efforts for active role of the stakeholders in the savings process.