Personalising consumption and investment
From the high street banks to the wealth management houses, and specialised areas of insurance and venture cap’, new opportunities for growth and business transformation have been a constant for the last three decades. There have been headwinds – current low interest rates, tightening regulation, increasing operational costs and high-stakes innovation, against the clock. And of course, there’s the periodic abyss: the Great Disruption of 2008 still ripples through the global economy.
A significant change has been open-API's which create a new era of open finance, bringing in new players with digital roots: the FinTechs and InsurTechs. A holostic purview of savings and consumption becomes possible for the consumer. And a relationship that is more direct between buyer and seller becomes possible. Banking, for example, is no lomher a place. It's omni-channel. 24/7.
Or, take InsurTech, the introduction of apps for the home or car, is transforming both the product and consumer experience. An app that monitors driver behavior, transforms auto-insurance from a distress purchase with low involvement into a service that's predictive, and enhances driver skills, journey management, personal safety and well-being. Contact with the consumer, is daily, rather than an inocuous, annual email confirming policy renewal.
And what happens when autonomous vehicles and shared ownership models come into play. Who is insured? On what basis is risk and claims worked out?
Or take banks, who are abandoning the high street in favour of the online environment. Do they sell off the bricks and mortar or turn these properties into work spaces with cafes for the growing army of people in the gig economy, and having bank staff present in advisory roles.
The social web has infiltrated relationships, too. It’s provided the environment for things like peer-to-peer lending and borrowing, and advise. This has also put mobile at the start of the customer engagement. And intelligent machines with learning capabilities are encroaching on the hallowed domain of middle management.
In the past competition came about by blurring the borders between venerable City and Wall Street institutions, or familiar financial brands in the high street. Now new entrants are emerging from left field. In high street banking directives designed to make customer data more open and accessible (through open-APIs) is going to allow new players in. Apple-pay has already made their first move. Pay-Pal, Amazon, Google, Walmart or who knows, maybe Starbucks or AirBnB, they can all get in on the action.
Get the interface right. Meet the regulatory conditions. Connect emotionally. Nurture trust. Represent a caring, responsive and inclusive world, could see new entrants earn the right to be the consumer’s go to source for transactions and advise on all matters financial.
Big data and analytics on-the-fly will tailor lending, insurance, healthcare, to the individual or company. It’s not about messages. It’s about listening and inserting the brand into the conversation – and then curating content and interactions. It’s against this backdrop that we’re helping financial service brands engage with staff and stakeholders to bring about change and engage with consumers and customers.