The Financial Services industry is at an unprecedented interchange, where firms consider the integration of new technologies they also have the opportunity to step back and look at product design, service delivery and customer engagement. This is the right time for firms to openly challenge models which may no longer be as sustainable for the new digital era.
Business model change opportunities through technological advancements of smartphones, wearables, chatbots, blockchain to name a few, advance the industry towards a more consumer-friendly service, with personalised products, more cost-effective operating models and greater data analytics.
Financial Services providers have exciting opportunities to bespoke their value offering, providing them with a competitive edge, which will ultimately become part of their corporate identity, aligning their branding and product to their corporate culture.
The eco-system is changing dramatically, with the emergence of BigTech driven entities into the Financial Services sector. This brings challenges to those firms to operate in a safe, regulated financial services market. Engaging with multiple industry stakeholders can become more complex as the firm scales and this can challenge the firm’s culture and ethos.
Some of the material areas of focus in reviewing existing business and operating models, products and service design and human capital implications of the new economy can include use of some of the following:
Why Grant Thornton?
In order to grasp the exciting opportunities firms are facing, the entity needs to ensure that it takes a strategic, risk-based, informed approach to identifying the right opportunities for its business and customer base. Grant Thornton is at the epicentre of the new FinTech Era and brings a cross-functional, dynamic team and offering in supporting existing market participants looking to innovate in product and services, and to new entrants looking to scale their FinTech businesses within the complex financial services environment.