BANKING
“ FOR FAR TOO LONG , THE FINANCIAL SERVICES INDUSTRY HAS EXPECTED THE CUSTOMER TO COME TO THEM WHEN THERE IS A NEED ”
CORY MCCRUDEN CHIEF GROWTH OFFICER ( CGO ), CHIEF EXPERIENCE OFFICER ( CXO ), DIGITAL TRANSFORMATION LEADER
today need to ensure they are actively engaging these investors and diversifying their client base . Today , less than 20 % of advisors are targeting these younger investors .
“ Second is digitisation along with consumer and advisor expectations for tools that provide them with more convenient , personalised experiences . COVID rapidly accelerated the extent to which consumers across all segments are comfortable engaging through digital channels .”
McCruden predicts omnichannel is now a requirement and no longer a ‘ nice to have ’. The bar for more personalisation and customised solutions for that customer will also continue to be raised . “ As our ability to collect information and , most importantly , make sense of the data we garner through engagement improves , so will the customer and advisor experience .”
New opportunities in wealth management and fintech Many experts point out that embedded financial solutions that facilitate integrated experiences are a huge contributing factor to disruption in the space . McCruden agrees : “ For far too long , the financial services industry has expected the customer to come to them when there is a need . It ’ s an unrealistic expectation of customers , that they should know which financial product they need and when they need it . That ’ s why payment and credit products embedded in the checkout experience have been so successful .”
Streamlined , frictionless customer experiences are key , she says , because they are there to facilitate what the consumer is trying to do without that consumer having to think about it .
“ I think what we ’ ll continue to see is powerful consumer brands in retail and other verticals expanding into financial services , seamlessly integrating fintech solutions in their offerings . Walmart ’ s expansion into fintech is a great example of how they are creating a marketplace of financial solutions , designed to specifically meet the highest value needs of their consumer and employee base .”