There is no doubt that the economic crisis of 2008 had its impact on the financial services industry, driving radical change. But since then, we have continued to experience change driven by other powerful forces—a blend of culture, social, and technology representing a new generation of customer…and a new set of expectations.
Just like in any other industry, financial services companies wanting to stay competitive need to understand how to deliver a truly amazing customer experiences because, simply put, today’s customer will accept no less. Customers are savvier than ever before. They know what they can get, and they expect to get it. The transaction-centric model of the past must go. A customer-centric model must take its place.
4 Change Drivers Impacting Financial Services Firms
As you begin to formulate a customer-centric strategy, it is important to understand what is affecting the industry. Four key trends are driving the change:
- Evolving customer expectations and demographics
- Maintaining growth and increasing profitability
- The role of social and mobile technologies
- Ever-increasing and changing regulatory and compliance issues
Daunting as this all may sound, it is actually a time of great opportunity. Financial services companies with the goal of differentiating through every single customer interaction – while getting the most from every customer relationship – will win the battle. This requires a willingness and the ability to capitalize on the right strategies and the technologies to support them.
To learn more about how your organization can meet today’s challenges with the strategies and technology to deliver customer experiences that will set you apart from the competition,
The white paper examines 4 key trends that are driving change in the financial services industry and how firms are using
by Green Beacon Solutions