Evolving consumer expectations and rapid technology growth are disrupting the financial services industry. The question is, how best can the financial services companies keep up? To help identify the six emerging trends, Bing Ads, in partnership with Accenture, is excited to bring you “Financial Services Transformation in the Era of the Emerging Digital Consumer.”
- As early as 2022, emerging consumer segments will increase in importance within financial services, drastically altering the financial institutions' value proposition and message to consumers. These emerging consumer segments will be mainly comprised of women, minorities and millennials experiencing significant economic growth.
- By 2025, the majority of U.S. consumers will use new access points like digital assistants to choose, guide and conduct their financial services transactions.
- By 2020, 70% of consumers will routinely conduct at least one financial service with big tech companies. Consumers, whether they are aware of it or not, baseline their interactions with companies on leading technology experiences, and there will be rising competition from big tech companies entering financial services.
- To thrive in 2019 and beyond, U.S. financial services companies will need to integrate with the technology ecosystem and compete voraciously for tech talent, partners and complementary acquisitions.
- By 2020, consumer demand for hyper-relevant experiences will increase the number of financial services providers a consumer touches, putting a customer’s lifetime value for any one provider at risk.
- An explosion of new products and services within the financial services industry will generate significant revenue opportunities, with non-traditional providers capturing more than 40% of these by 2022.
This report is based on research done by Accenture, with references to other relevant studies in the area.