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I have written extensively in recent weeks and months about the Fintech revolution in financial services and how it has brought the customer experience to the top of the strategic priority list for all financial companies, but there are other changes taking place too. In fact, there can be few industries that are changing as fast as financial services and that’s quite a bold statement given how much digital transformation is taking place in many different industries at present.
The wave of new customer-centric Fintech competition is one big area of change, but according to recent research by PwC, there are four other key trends shaping the entire financial services industry at present. It’s worth keeping an eye on all of these as we head into 2018 as they will shape how customers consume financial services in future:
Each of these five adjustments would be a major challenge to handle alone, but with all of them coinciding it is clear that executives in the financial services industry will be busy in 2018. A connecting thread is to ensure that the focus of all these initiatives is the customer. If service and a customer-centric view of the business is used to plan any of these developments then the initiatives cannot go far wrong.
Are there any other major changes ahead in financial services or does this list of five capture most of the changes we will see in the near future? Let me know what you think by leaving a comment here, or get in touch on LinkedIn.
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