Technology has transformed our lives in countless ways over the past 30 years, in particular the rise of smartphones over the past decade or so. The adoption of digital technology by consumers has raised expectations of what is possible, creating a ‘new normal’ level of expected customer service across multiple channels.
While the transformational impact of digital technology has been slower to reach financial services than other fields of commerce, the sector has finally reached a tipping point.
The rate of growth in R&D expenditure in SAAAME countries is far greater than the G7, with China's R&D investment as a proportion of GDP having more than doubled during the last ten years.
More than 40% of people using social network sites in the US are interested in interacting with financial services firms via Facebook and MySpace.
The rise of big data will enable your business to understand and profile its customers in much greater detail than before. Customers will expect a different and higher level of service from FS than at present, leading to new metrics and operating models, with potential for profit for the firms that can create a compelling offering.
Enhanced digital interaction would offer your business the opportunity to engage more closely with your customers and increase wallet share. At the same time, digital transformation could be highly disruptive, allowing new entrants to break into the banking market, pick off the most valuable revenue opportunities and seize control of customer relationships.