Autobank_ATM's,_Market_Street,_Omagh_-_geograph.org.uk_-_1077345Andrew Curry writes: I was invited to contribute to a conference panel recently on the future of Operations and Technology in Financial Services. Here are some of the things I learned during the course of the event, which was organised by Marketforce.

From the outside the financial services company appears locked in by regulations and technology, and by short-term business cultures. In my research for the panel discussion, I found a quote from one observer suggesting that “bank brands are undesirable and undifferentiated” – while the growth of price-driven intermediaries suggests that insurance company brands are mostly undifferentiated.  Despite this they seem poor at learning from other sectors.

But there’s little stopping them from re-imagining and re-inventing their customer journeys. So much of what financial services businesses do is digitally enabled – moving money, moving documents – that they should be able to build a future-facing version of what they do that focuses more on the high value moments for the consumer and less on hiding value from them. This may well come wrapped around with human service elements, on the phone or even in branches.

Someone will succeed in this, But right now it looks more likely to be a challenger than one of the large incumbents.

 

The image at the top of the post is from Wikimedia and is used with thanks. To learn more about The Futures Company’s perspectives on the financial services sector, please contact Jo Phillips or  Andrew Curry.

 

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