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One very interesting change in customer behaviour in recent years is that a positive experience in one industry very quickly creates expectation in another. For instance, innovation in the insurance market can easily lead to customers asking why retailers cannot deploy similar ideas to improve their own service.
Recent research by PwC found that this trend applies in the cards and loans function of most financial brands. The trends being introduced to this area are very likely to have originated outside of the banking sector. This is an extremely interesting development from the customer perspective as it means there is a constant focus on innovation and improvement, but for the banks it means they can no longer just watch what their immediate rivals are doing – the next innovation may come from an entirely different industry. The success of a product like Apple Pay is a good example – why didn’t a major bank launch that service?
PwC found four key trends driving change in the consumer lending area of financial services:
It’s interesting to note that PwC is saying these are the four key trends in the loans market, yet none of these trends could be described as specifically related to the financial services industry. All these trends relate to changing customer expectations, changing customer behaviour, and changes in the way that customers communicate. Ignore these changes in customer behaviour at your peril.
Are these lending trends really all being driven by customers today? Let me know what you think about the PwC observations by leaving a comment here, or get in touch on LinkedIn.
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