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