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Introduction

The financial services industry is facing challenges from new business models, new players entering these markets, and informed customers. These disruptive forces have changed the ecosystem, making this sector ripe for digital transformation. The following summarizes the threats and opportunities, the areas for improvement, and the progress made toward digital adoption in financial services.

Highlights

  • Threats such as well-informed customers, competitive products and services, and faster time to market contribute to heightened competition.
  • Fragmented data and journeys complicate digital adoption.
  • Companies have serious investments planned for digital to combat market pressures.

Features and Benefits

  • Describes how fragmented customer journeys hamper digital adoption
  • Assesses the state of digital transformation and omnichannel customer engagement in financial services.

Key questions answered

  • What are the key challenges for financial services in meeting customer expectations?
  • What are the competitive threats facing financial services?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

A perfect storm of threats and opportunities

  • Stay focused on the customer to prevail

Firms must place the customer at the center of all decisions

  • Customers hold the power, and they want more from brands

Fragmented data and journeys complicate digital adoption

  • Data and analytics enable seamless customer engagement

On the road to digital competence

  • AI-powered solutions are promising, but challenges persist

Firms prepare to digitally disrupt

  • Digital investments are paying off

Appendix

  • Methodology
  • Further reading
  • Author

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