In the last ten years, change in Financial Services has accelerated like never before. Innovative technology opens new channels. Blurred industry lines present new business opportunities. Banks and insurers are changing business models to deliver value in different ways.
What must banks and insurers do to remain successful both today and tomorrow? We put the question to consumers and business decision-makers.
Over 7,000 consumers across Europe told us about:
The answers paint a picture of opportunity for the bold. But one where neither customers, competitors or technology will wait.
To understand more about what the banks and insurers must do to remain successful both today and tomorrow, we ran an online quantitative survey.
Between December 2015 and January 2016 we surveyed over 7,000 people in the UK, France, Benelux (Belgium, Netherlands and Luxembourg), Spain, Germany, Switzerland and Poland, Czech Republic and Slovenia in Eastern Europe.
We asked questions about:
Our report examines how banking and insurance are evolving, the impact on consumer channels, data sharing and personalization, as well as what all this means for customer loyalty.
The way European consumers interact with the financial sector has changed dramatically over the past five years. And, certainly from our findings, it looks like the appetite for change is growing. The remarkable openness to radical change presented by consumers suggests new opportunities for banks and insurers.
Self-service and online banking are already paving a way to ease consumers into new, more convenient behaviors at a comfortable pace. Consumers show a growing acceptance of many new channels to interact with banks, insurance less so. Today’s consumers may not know how they want to use banking services before new possibilities arrive. But when they do, they are happy to adopt them.
This opens the door to additional services that banks could supply. From utilities to media services, our survey showed that there is untapped potential for financial institutions to transform their business models and create new revenue streams.
While digitalization is gathering pace, we are not all at the same stage across Europe. Industry-wide collaboration will help financial services companies drive new channels, services and technologies into mainstream consciousness and lay a strong, sustainable foundation for future success.