For an industry not historically accustomed to being at the coalface of disruption, the pace of technological innovation and adoption in financial services over the past 10 years has been noticeable.
Initially, a result of regulatory-driven restructuring due to to the industry’s role in the global financial crisis, the financial sector’s transformation has been dramatically impacted by the development of new technologies and increased competition.
Fintech-enabled challenger banks now have opportunities to compete for core banking services and deposits as a new, more level playing field makes it easy for consumers to research, compare and switch financial services providers, often from a single account login. Meanwhile, the cloud has enabled a host of niche providers to offer new services that threaten lucrative segments of an incumbent’s core banking activities.
Further regulatory changes may be on the back burner for 2020, at least in developed markets, now that initiatives such as the introduction of PSD2 in the EU and EEA are largely complete. But that doesn’t mean there will be any let-up of pressure from regulators. If anything, according to CB Insights, regulators will be more active in exercising their supervisory powers to crack down on bad behaviour, whether at incumbents or among the growing number of fintech challengers, as these become part of the mainstream of financial services.
This is an extract from our 2020 Global Global Financial Services Marketing Insight Report. The report highlights the latest marketing trends within the industry across the jurisdictions we cover the UK, Germany, MENA, Asia and Australia.
This report covers a range of important topics, such as Implementing Regulation, the Role of a CMO, and Customer Lifecycle Management in Retail Financial Services.
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