Banking Moving Forward

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An exploration of changes, challenges and opportunities facing the Banking and Financial Services industry over the next 3 to 5 years

Banking and financial services have faced significant headwinds in recent years.

They have been tackling everything from historic miscalculations to low interest rates, while regulatory changes have been wide ranging and set further constraints. Cost reduction and management have also become a key focus.

Alongside this, we are seeing changes in customer behaviour and expectations amid the mass-adoption of faster and smarter technology.

Significant opportunities still remain for providers that can serve their customers well, using new technologies across all channels. But less agile and cost-constrained organisations are likely to find the next five years as challenging as the past five with the convergence of mobile technology, customer needs and wants and new players.

Banking Moving Forward is a new Experian series which analyses and outlines the potential changes, challenges and opportunities likely to face the sector within the next five years.

Welcome to the debate

You can navigate below to discover the highlights from our latest paper and request your copy of the full publication using the form on the right.  Keep in touch via this page to get access to new articles and content that further explore the hot topics.

  • Customer

    The customer is the life blood of any organisation and must be positioned at the heart of product and proposition design to ensure success. Delivering excellent customer experiences will define banking into the future... read more

    The customer is the life blood of any organisation and must be positioned at the heart of product and proposition design to ensure success. Delivering excellent customer experiences will define banking into the future.

    Focus areas:

    • Expectations of their bank
    • Their financial needs, wants and problems
    • Multi channel servicing
    • Customer experience

  • Regulator

    The regulator, post the global financial crisis, has been tasked with delivering banking reform, ensuring that never again will a financial institution be too big to fail, whilst creating an environment where customer detriment becomes a thing of the past... read more

    The regulator, post the global financial crisis, has been tasked with delivering banking reform, ensuring that never again will a financial institution be too big to fail, whilst creating an environment where customer detriment becomes a thing of the past.

    Focus areas:

    • Shaping a new environment
    • Expectations of regulated firms
    • Driving a paradigm shift for customers
    • Stronger process and evidence
    • Creating a customer culture

  • New Entrants

    The UK has a regulatory and political environment that wants to encourage competition and choice. New entrants will find the UK banking environment tough to get started, but, as short term lenders have shown, if you can fill a gap in the market, there is space and money to be made. Delivering reform on payments is about to collide with maturing thinking in the digital wallet space... read more

    The UK has a regulatory and political environment that wants to encourage competition and choice. New entrants will find the UK banking environment tough to get started, but, as short term lenders have shown, if you can fill a gap in the market, there is space and money to be made. Delivering reform on payments is about to collide with maturing thinking in the digital wallet space.

    Focus areas:

    • Non banks and digital wallet
    • Mobile payments: an opportunity and threat
    • New banks
    • Crowd funding and investment

  • Technology

    Banking and technology are inextricably linked with the very essence of a bank, from balances to transactions and customer information existing in a bank's data centre. More than ever before, technology is shaping the next evolution in banking, whilst also constraining the pace of its progress... read more

    Banking and technology are inextricably linked with the very essence of a bank, from balances to transactions and customer information existing in a bank's data centre. More than ever before, technology is shaping the next evolution in banking, whilst also constraining the pace of its progress.

    Focus areas:

    • Delivering change / standardisation and APIs
    • Big Data
    • Security, fraud and biometrics
    • Future innovation impacting banking

  • Banking Evolution

    UK banking lacks differentiation and the industry and brands have been dragged through the dirt over the past 5 years. It's a time for change, for transformation; but this time, by listening to customers, what their needs, wants and problems are and providing help, solutions and guidance to navigate through life's financial journey... read more

    UK banking lacks differentiation and the industry and brands have been dragged through the dirt over the past 5 years. It's a time for change, for transformation; but this time, by listening to customers, what their needs, wants and problems are and providing help, solutions and guidance to navigate through life's financial journey.

    Focus areas:

    • The future
    • Retail – a bank for life
    • Wealth
    • SME business

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