The Wealth, Life, and Pensions market is moving – and quickly. Once it was the sedate end of the financial sector, with policies and investments sold in ranges and at a pace that suited providers, that’s not the case anymore.
Now, the customer is king – and things are changing.
New regulations and legislation have started to shake up Wealth, Life, and Pensions, but far bigger changes have been brought about by a rapidly engaging customer that wants to be served digitally, with multiple products and services, and at a time and place of their choosing.
Providers in Wealth, Life, and Pensions have to think hard about the digital platforms they are going to use to engage customers and prospects, then again about how they’ll deliver new services on these platforms.
Will they use social media networks to find and attract new customers? Will they use the same channels to up-sell and cross-sell to existing customers? Will they let people use smartphones and tablets to buy products and make transactions?
And how will they make all this secure? With biometric ID verification?
At the moment the sector has more questions than answers, but if one thing can determine the success or failure of a provider, it will be its approach to collecting and making use of data.
Power is shifting to the customer and the challenge for the market is to respond by building propositions that engage and serve individuals in more compelling ways than is currently available.
In a new, highly competitive, customer-driven market, approaches to data, automation of decisions and processes, and protection of all that information will be critical to the success of the Wealth, Life, and Pensions value chain.
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