Financial Services Predictions 2019

TechMarketView’s research theme for 2019 is The Year of the Relationship: Extend, Evolve, Optimise, and it could hardly be more appropriate for the Financial Services sector.

As the financial services space continues its technology-driven, transformative journey, the importance of relationships is writ large across so many elements of the industry and the marketplace. For banks and insurers, and for providers of technology alike, the key challenge is the relationship with the customer. And it is a situation that has intensified as the barriers to entry for new market players (i.e. the Challenger Banks) have been significantly eroded, if not destroyed.

Customer acquisition, retention and engagement will ultimately decide the fate of many Financial Services providers. Whilst for the technology providers, the relevance and sustainability of their business models will depend on how quickly they can embrace services and solutions that facilitate business transformation. Supplier partner ecosystems have become the key to innovation, fast-tracking emerging technologies into the mainstream. Indeed, suppliers risk losing substantial deals if innovation and future proofing are not at the heart of the deal.

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