Intuit recently released a new report on The Future of Financial Services. Intuit and Emergent Research partnered on this research, which included interviews and workshops with a mix of financial services industry participants, analysts and academics.
We have a blog post on Banking.com with more on the report, which covered 4 broad trend areas:
1. A New Playing Field for Financial Services: Regulatory pressures will increase and competition will grow from both traditional competitors and new entrants. These forces will lead financial institutions to explore new business models, collaboration and partnerships, and increased consolidation.
2. Shifting Segments, Changing Markets: Consumer demand for financial services will increase across all age groups. The two largest contingents – aging baby boomers and GenYers – will demonstrate particularly acute shifts in their needs and types of products and services they purchase.
Competition to serve mid-market small businesses will intensify, slimming financial institution margins. However, the overall small business sector will continue to expand driven by growth of personal (one person) and micro businesses (less than 5 employees). This will create opportunities for financial institutions that can serve these small firms efficiently.
3. The New Customer Connection: Technology’s role in the customer experience will take center stage. With increased cost pressures and a growing demand for flexibility, accessibility and personalization, financial services organizations will accelerate their use of technology to meet customer needs.
4. Reputation and Relationships Rule: Institutions that use technology to serve up useful customer insights will win. Over the next decade, the financial service industry will shift its focus from transactions to customized value-added services.
Intuit 2020: The Future of Financial Services builds on the data, trends and forecasts in the Intuit 2020 report, which identifies 20 emerging trends and shifts that will shape business and society over the next decade.
We'll have more on this in the coming weeks including what it means for small businesses.
Click here to download the report.
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