Using the Connected Consumer Index GfK created in 2010 from Point-of-Sale behavioural survey data and state of the art forecasting techniques, we know that the UK ranks seventh in “connectivity” out of the 84 countries tracked on a quarterly basis.
We hear daily of the impact this has had on our money management behaviours. Branch volumes are dwindling to the point that increasingly novel solutions are proffered to entice the public back into them, such as dog biscuits and comfy sofas at Metro Bank. There are now even collection points for Amazon deliveries at Barclays.
For more information contact Ian Davis T: +44 (0)7534 938 549
Using GfK’s FRS study, we explore mass market investor behaviour in the UK from the early 1990s to identify how investments have been acquired and the role of direct sales force activity to stimulate demand. Exploring this time series data, we are reminded that investments, like life assurance, have typically been sold and not bought. We also explore how the US market is developing to answer this key challenge through the emergence of bionic-advice.
For more information contact Martin Grimwood T: +44 (0) 7983 638056
All financial services brands aspire to be customer centric and in reality there is no choice – PPI is a painful example of what happens when you aren’t customer centric. Brands also know that customer experience is a way to differentiate and so create sustainable value through customer loyalty.
However we contend that, with a few exceptions, financial series brands have not taken a sufficiently holistic approach to customer experience management. Instead they have focused disproportionally on what is done in customer servicing, rather than how customers experience the brand more widely.
For more information contact John Banerji T: +44 (0)7887 635488
As markets evolve they reveal new opportunities for innovation. In turn these opportunities raise consumer expectations that can transcend categories, so that a change in one category may radically shift expectations in another. All innovations embody one central idea; that of bringing new value into the world to improve people’s lives. The speed of technological, social and cultural change means that many innovations exceed the need to improve certain aspects of people’s lives into transforming the way we live.
For more information contact Joe Staton T:+44 (0)7909 856 756
There’s an assumption that seamless payments are a positive thing for consumers: they mean ease of payment, and quick and simple. That’s not necessarily the case.
As the Fintech market matures, the degree of innovation is slowing. This is a typical pattern found as industries develop. There are fewer large innovative leaps, and more incremental changes. Note how mobile phones now more slowly develop in each iteration, compared to the early days of the industry.
For more information contact Ben Weedon T: +44 (0)7787 746 988
Guest speaker Simon Ware from Accenture spoke about the disruptive impact that technology is having within financial services and how banks need to react if they are to stay ahead of the pack.
We are adopting new technologies at a much faster pace than previously. Barriers to entry are so much lower as digital technology is relatively cheap to build. Even a one or two person team can compete against large companies.
Fintech investment continues to increase at $22.6bn in 2015 and the volume of investments has trebled since 2010. These include successful IPOs such as PayPal, WorldPay, Square and First Data.
For more information contact Simon Ware