Despite relatively good conditions for the financial services industry in 2017, many executives have expressed a gnawing sense of concern: that the structural advantages of their businesses are eroding, that it is unclear where growth is coming from, that new customer value is being generated in other industries now more than in financial services, and that big techs, growing extremely quickly, will be entering the industry in force in the coming years.
The basis for competition has shifted from products to active solutions, from product-selling to problem-solving for customers.Rick Chavez, Partner, Oliver Wyman
Oliver Wyman Financial Needs Hexagon
Firms need to quantify the other side of the customer value exchange, and assess how much value their solutions actually deliver to customers.Aaron Fine, Partner and Co-Head of Retail and Business Banking Practice, Americas, Oliver Wyman
Understanding this value gap and what can be learned from Big Tech about what to do about it is the subject of this year’s Oliver Wyman report on the future of financial services. It’s time for Financial Services to learn and react, or continue to watch value shift to other parts of the economy.