Download Report


We conducted research to try to uncover how people think about money in the digital age

What we discovered were four mindsets [...] read more

What we discovered were four mindsets—so strong that we think they are universal. These mindsets hugely impact how we should conceive, design, build and market financial services of the future.

Objective: To leverage human insights to target the right customer, with the right experience, in the right context.

Step one

Money moments

We asked a broad variety of consumers three simple questions:

When do you think about money?
Where do you think about money?
How hard do you think about money?
Step two

Money modes

We saw four distinct behaviors around how people engage with their money:

  • Manage it

    Making decisions on how and when to spend, and how and when to save.

  • Track it

    Keeping an eye on income and outgoings, savings pots and debts.

  • Get it

    Earning money through work, cash back deals and discount vouchers.

  • Spend it

    Using money to attain or maintain the desired lifestyle.

These can help us to understand the relationship between people and money and the new role of the bank in digital times.

Step three

Our insights

While gathering our research, we learned some fundamental truths about the ways in which people have moved on, leaving banks behind.

  1. Traditional banking is misaligned with today’s consumers

    • Banks think about their products; people think about how they’re treated.
    • Banks think about how they can profit; people think about getting a rewarding deal.
    • Banks think about economic value; people think about personal value.
  2. Long-established segmentation strategies are no longer useful

    Consumers’ decision-making processes are messy and complicated. Focusing on simple demographics like age, marital status and income don’t reveal useful insight. To design services of the future, banks must look at how people behave and what’s important to them when dealing with their money.

  3. It’s time for fresh thinking

    Fjord and Accenture have a proven track record in the financial services sector, helping organizations to evaluate their customers and their business in new ways. While respectful of tradition, we believe that consumers and their lives are evolving at such a pace that banks must make room for the new, the dynamic and the unfamiliar.

Step four

Reaching the mindsets

To achieve a competitive advantage, banks need new ways to understand and segment their clients that informs the design of new products and services with the capability to enhance their lives.


“I follow the rules”
“I follow my instincts”


“I think about the bigger picture”
“I think about the present moment”

Money Mindsets

Mindsets infographic

The four Money Mindsets are defined by the attitudes and beliefs that guide people’s approaches to money and financial services

Money Mindsets help us to understand the differences in people’s approach to saving and spending in a much more meaningful way than their age, gender, marital status, income etc.