Consumer financial services firms will need to shift their strategies to differentiate on trust, financial health and bundled offerings.
In short, the industry will become the new subscription-based model, and in doing so, we will witness the disintermediation of the financial service from the financial product. The catalyst will be the concept of “the consumer’s personal financial operating system,” a dynamic, trusted and embedded digital experience that helps consumers improve their financial lives through constant, relevant, daily interaction and engagement.
Today’s product-centric growth paradigm will become obsolete. Winners will reimagine the future and race toward it, while others will be rendered irrelevant.
Summary
The companies that win the future of consumer financial services will demonstrate the ability to execute with focus and purpose in instilling consumer trust and helping consumers live financially healthier, more secure and more fulfilling lives.
Fundamentally, we believe (and our research shows) that increased financial well-being (and lower financial anxiety) can benefit financial services companies in the form of higher and more sustainable profits, as well as society as a whole through a healthier economy and reduced strain on public resources.
