Innovating Customer Experience
in the Decade of Disruption
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Over the last 20 years, successive waves of activity have aimed to improve the customer experience across the financial services industry. We are now entering a completely new era - a Decade of Disruption - where a rare combination of disruptive forces are causing organisations to radically rethink the way that they engage with their customers.
The changing face of financial services
The convergence of multiple forces creates new possibilities, new demands and new rules for financial services organisations.
- Technology Change: from simple peer-to-peer payments to car insurance premiums that reflect your driving habits, technology enables new forms of customer experience and opens up the market to new providers who challenge existing industry practices.
- Customer Demand: banks and insurers cannot rely on deep-seated customer inertia. Today’s consumers are more informed than ever before and are more prepared to switch providers in search of better, more personalised services.
- Regulatory Change: demands for innovation, competition and transparency are forcing regulators to act to build clear, reliable services that can be trusted.
Financial services organisations recognise the need for action, but PA research shows that their ambition does not always match the reality.
To read an in-depth article about innovating the customer experience in our decade of disruption click here.
As digital technology extends into every aspect of our lives, the boundaries between established industries are becoming increasingly blurred. The convergence of the retail and financial services sectors is one such example, forcing financial services organisations to innovate their customer experience in line with the best retailers.
Take a look at our two short videos to see how customer experience could be transformed.
Industry convergence: the future of FS and retail
The future role of insurance: greater customer focus
Engaging with customers in a way that is compelling, relevant, effortless and true is extremely important in order to deliver innovative customer experience. Interact with our rich picture on reimagining business for a digital age.
While global trade is slowly recovering in light of the financial crisis, the world remains an uncertain place.
- Will there be a period of sustained economic, political or social instability that is so severe government support is required for survival?
- Will there be a dramatic new entrant that is powerful and innovative enough to steal our most valuable customers?
Read more about the four future scenarios financial services organisations need to prepare for.
Our Destination Digital blog provides a forum to get the conversation going about the impact of digital on government, consumers and businesses.
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Wearable technology - the next frontier in computing
Wearable technology is no longer a fad and with consumer sales of wearables rocketing it’s time for businesses in financial services to wake up to the scale of this opportunity.
To learn more about the integration of wearable technology into your business operations, explore our site.
To find out how PA can help financial services companies tackle the challenges of customer experience, please get in touch.
Digital expert, Financial Services
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