Challenger banks have shown what’s possible in the Financial Services sector – new ways of banking, trading as well as modelling and managing risk. As financial services brands consider the next five years, hybrid IT offers the greatest flexibility for developing next generation products and services.
As customers increasingly exchange physical for digital experiences, those digital experiences can’t be good – they must be excellent.
According to recent PwC research, customers will pay a premium of up to 16% for a better experience, and 63% would share information in exchange for a better experience.
What’s good for customers is good for business. One leading global financial institution developed new technologies to ‘personalize every conversation’ following extensive customer research. The result was an 8-10% increase in customer spend on services and a 400% increase in retention.
This is a simple model, but one many financial services companies find difficult to follow as legacy systems are a given and departments may work in silos. But the smart use of Hybrid IT systems offers opportunities for those in all types of financial services, not just retail banking.