Change in consumer demographics and emerging technologies are redefining traditional revenue streams. Market fragmentation occurs as FinTech and InsurTech start-ups enter the market Consolidation amongst larger firms continues.
Compliance organizations within financial services firms are struggling to keep pace with change in government regulations. Shifting financial crimes regulations from OFAC have firms challenged to ensuring effective sanctions screening.
Emerging technologies are accelerating the growth and acceptance of FinTech and InsurTech offerings. Competition in the payments space and international omnichannel offerings are creating domestic regulatory challenges.
Market disruptions are creating consumer retention challenges. Increase is consumer loyalty campaigns are required. Investments in CRM systems and big data are providing clients a clear view of customer life cycle, satisfaction and loyalty.
Retired customers are taking a more active approach to investing, yet are still willing to pay traditional fees. However, younger clients generally prefer digital access through self-service portals, are ok with less personal interaction and expect reduced fees.
Consumer demand for new digital experiences at reduced cost has financial services firms focused on transformation.
Digital transformation is forcing firms to rethink enterprise processes and make use of robotic process automation to reduce operational costs.
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