Financial sector
The legacy of the financial crisis of 2008 predetermined several difficult years for many banks and financial institutions. Today, the tightening of regulatory rules and laws, the emergence of new competition and accessible advanced technologies, may call into question the effectiveness of the traditional format of your business. And the 2020 recession can further undermine the sustainability of your business. The situation is similar for many insurance companies that are looking for ways to effectively achieve the result - to increase customer loyalty. In addition to the transition to a digital environment, the transition of consumers to simpler subscription-based models requires a fundamentally different approach. We can help you overcome modern challenges and jointly determine a further development strategy.
Wherever you are, big changes are already surrounding us and are continuing to develop rapidly right now. The payment revolution is in full swing. Every fifth consumer already uses "digital only" products. Whether it's banking, insurance or acquiring, it's time to decide what kind of relationship you want to build with your customers and how you see the implementation of your goals. With this, the current transformations also represent a wide range of new opportunities.
Whether you are a recognized player or a newcomer to the market, the dynamics with which events are developing means that you can’t stand still.
But if we consider the race for the brand, which consumers use every day, then the scales are already tipping over in a specific direction. While retail banks continue to hold the bulk of customer wallets through long-term agreements such as mortgages and salary payments, simple, current transactional consumer accounts are increasingly being opened at tech banks. It is obvious that the consumer is increasingly choosing simplicity, convenience and round-the-clock service availability via online.
New payments and credit technologies are also the subject of ongoing discussion, which means that competition is no longer held back by the industry. When retailers and technology companies enter the competition, banks must decide in which segment to work and how to adapt to changing conditions. Today, banks and insurance companies are facing more market pressure than ever, striving to do their daily work faster, more efficiently and at lower cost - all in digital form.
In general, we are talking about a rather complex and diverse list of tasks. But if you need to review your strategic operations, develop or expand your digital capabilities and tools, become closer to your customers or undergo a complete transformation, we have all the necessary skills and know-how to help you confidently accept the current challenges of the financial sector.
Get in touch with us now and find out how Metropole Rise Consulting can support and guide you on the path of effective development.