The Financial Services sector is certainly in an exciting stage of evolution with a number of internal and external transformational factors at play. An ever-increasing focus on Consumer Privacy, Governmental Compliance and Regulation is occurring at the same time as Open Banking and Data Initiatives driving a virtual Data Arms Race across the vertical.
We are navigating an inflationary trend and Global Quantitative Easing is placing downward pressure on, marginalising and normalising interest rates, which are otherwise used as a key competitor differentiators. New financial models are disrupting the industry, such as the “buy now pay later” models, and the volatility of Crypto currencies earning public interest and airtime.
While consumer demands evolve, customers are looking to Financial Services to provide a financial lifeline to navigate the fiscal impacts of the global pandemic. It seems now more than ever that financial services are turning to customer experience to drive the future of brand loyalty and competitive advantage.