The 2016 Digital Transformation in Financial Services report is out and a full version can be accessed by e-consultancy members here

For those who would like some quick highlights take a read of the below;

• Digital & technically savvy consumers are in control

• Larger FS brands are likely to be negatively impacted by disruptive entrants

• Firms must focus on the customer and their personal digital customer experience in order to stay relevant

• Digital evolution has provided opportunities to service clients but has increased competition from start-ups and non-traditional service providers

• A revolution in mobile banking is happening

• Larger institutions are gearing up to provide robo investment advice

• Millennials will look to large internet companies such as Google and Amazon for Financial Services products in particular insurance

 

New disruptive business models featured in the report include:

 

Peer-to-peer money transfer by mobile

e.g. Pingit – from Barclays, Snapchat Snapcash, PayM and PayPal.me

Digital only banks

e.g. Aldermore

Mobile banks

e.g. Atom

What is seen as the single biggest opportunity for brands in 2016?

28% say optimising the customer experience

17% say data driven marketing that focus on the customer

9% say compelling content

9% say marketing automation

9% say cross-channel marketing

 

What do you place the highest emphasis on in terms of improving the customer experience?

26% say making our experience as personalised and relevant as possible

20% say making our experience as easy as possible to understand

20% say making our experience as valuable as possible

16% say making our experience as safe and reliable as possible

5% say making our experience as mobile friendly as possible

5% say making our experience as consistent as possible across channels

 

Other key highlights

1. Also seen as key for driving digital change are:

a) A strong digital culture

b) Driving forward and agile environment

c) Leveraging data

2. Regulation is considered a barrier

3. Technology provides opportunities for change

4. And investing in digital should be a key priority

 

A full version of the report can be accessed by e-consultancy members here

If you’d like to discuss how any of these finding impact your digital marketing then please get in touch with Paul Wreford-Brown. paul@thisisembrace.com