Banking and Finance Expertise
Banking and Finance is in Constant Evolution
Once staid and traditional, the financial services sector now includes the fastest-evolving industries in the global economy.
Disruption, consolidation, digital transformation, and a complex, ever-shifting regulatory climate are the new normal. Innovation, once frowned upon, is now table stakes. Some organizations find this environment difficult to navigate. Others find it exciting and thrive. We help organizations in the banking and financial industries view their market and customers through a real-time lens that distills order from chaos and opportunities from threats.
Banking & Finance Trends
Consumers and businesses are increasingly open to switching banks and using alternative financing options if a competitor better meets their needs. A significant percentage, especially younger generations, already have relationships with non-traditional providers. Various factors come into play, including:
- Lower trust in traditional institutions
- Willingness to switch financial institutions
- Alternative financial behaviors (Gig economy, Creator economy, reliance on family & friends)
- Increasing presence of FinTech options
- Embedded finance which can be offered by a retail or organization on their app/website
- Peer-to-peer (P2P) payments such as Venmo, PayPal, etc.
- Increasing use of BNPL (Buy Now Pay Later) options
Investing Trends
Investors and consumers are navigating a complex financial landscape. Traditional money management and investment firms continue to serve important segments of the market, while FinTech tools are making investing more accessible to the average consumer. A backdrop of inflation, economic uncertainty, and a rising cost of living, is prompting many consumers to prioritize budgeting, optimizing savings, reducing debt, and making more informed investment decisions.
CX (Customer Experience) & Personalization
Customers want immediate service, consistent experiences across channels (both digital and physical), and personalized recommendations that are better than scripted ones. Research is needed to understand how to create seamless, personalized experiences at scale.
Building Trust
In a fast-changing environment where consumers and businesses have many financial options, organizations must build trust as a critical element of strategy. They must be proactive and transparent in communications. These could include:
- Clear policies & pricing
- Transparent use of technology
- Personalization with privacy
- Seamless and frictionless experience
- Cyber security and fraud prevention
- Human touch, not just AI
Services We Offer Financial Services Clients
Our team of research strategists understand the complex issues facing the banking and financial services industries and will consult with you to answer your pressing business questions. Our research unlocks insights for banks and other financial services organizations who face challenges such as shifting competition and how to best serve their customers during changing times. Our services include:
Market Insights & Analytics
If you would like more information on conducting research in the Banking and Finance industries, please contact Ellen Williams, Vice President, Banking Finance (ewillia@decisionanalyst.com), or Bonnie Janzen, President (bjanzen@decisionanalyst.com), or call 1-817-640-6166.