Who will close the customer value gap in Financial Services and reap the rewards?Traditional financial services firms will need to accelerate customer value creation or risk conceding an increasing share of customer attention and wallet to other firms, primarily to ‘big tech.’ While financial services incumbents have largely recovered towards relative health ten years on from the financial crisis and conditions have improved significantly, there is a gnawing sense of concern regarding the prospects for future underlying industry growth.
Over the last 10 years, the Financial Services industry has fought its way back to relative health. But, in the meantime the techniques used to create new customer value have dramatically changed and the Big Tech industry are dominating customer mindshare and reaping the rewards. It’s time for Financial Services to learn and react, or continue to watch value shift to other parts of the economy.Ted Moynihan, Managing Partner and Global Head, Financial Services, Oliver Wyman
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Our Customer Value Framework aims to explain the different drivers of #value that customers perceive from products & services across industries https://t.co/wzcEMdX547 #SOFS #OWFinancialServices pic.twitter.com/XIe3KLN3Pu— Oliver Wyman (@OliverWyman) March 27, 2018
Technology has fundamentally changed how we navigate a journey - so what would Google Maps look like for #financialservices? The #insurance industry should look to the disruptors https://t.co/sxbqqLkg87 #OWFinancialServices #OWInsurance pic.twitter.com/T2E1bfFvzm— Oliver Wyman (@OliverWyman) March 6, 2018
The Gnawing Sense of Concern