Financial Services Transformed
The Financial Services industry is comprised of some of the oldest and most established businesses in the world. These organizations have a reputation for being very savvy, and are directing much of their focus today on developing great customer experiences. With fierce competition from both new and old players and a difficulty being able to set themselves apart with products, meeting customers where they are with the experiences they have come to expect is the key to creating competitive advantage. The competition coming at them is fierce and from multiple sources. With the traditional barriers of location depth and IT infrastructure being eroded by digital and cloud services, suddenly you don’t have to be a bank to be in the financial services industry. You may just need to be an innovative organization with the right, disruptive financial technology, as many in the FinTech world are providing. Competition might also come from large, retail merchants or tech giants who are sitting on a wealth of consumer data that combined with digital delivery channels and analytics is opening up new market opportunities for them in the financial services arena.