James Goldhill, Director at Transform, for Global Banking & Finance Review
The financial service sector is facing one of the biggest shake ups we have ever seen. Traditional financial services providers are in increasingly hot waters, yet still aren’t hitting the mark with customers. This leaves the door open for far more nimble and innovative companies, such as Monzo, Starling Bank and Tide, to come in and steal customers right from under the traditional players’ noses.
From children’s bank accounts to pensions, there isn’t a single sector that comes close to the lifetime engagement factor that the financial services have; amounting to a vast amount of data and intelligence on customers. Banks, however, are neglecting to utilise this information to offer customers better experiences and gain that all important competitive edge.