Meeting the demands of Generation 2030
The demands of Generation 2030 pose profound questions for the Financial Services (FS) sector, as they will expect a one-stop shop for products and services, bespoke treatment and instant gratification; FS businesses will need to cope with the trend towards micro-consumption. Customers will look for solutions that deliver outcomes linked to their life - or business-stage events, rather than focusing on products, with personalisation delivered through automated analytics, AI and ML rather than personal relationships. Long-term customer loyalty in this context – and meeting long-term financial objectives – will require FS providers to understand the new generation of consumers of financial services, whether B2C or B2B.
Continued digitisation means the branch network is likely to continue to dwindle, though some may choose to maintain a high street presence to burnish their community credentials. Technologies such as AI-powered robo-advice will also render traditional relationship management increasingly redundant.
Nevertheless, customer service will be more important than ever. The dominant providers will be those that enable delivery of an array of high-quality and competitively-priced solutions via a frictionless platform. Moreover, as innovation reduces the cost to serve, a wider group of customers will benefit, with the FS industry finally addressing the needs of those previously excluded from financial services and credit including vulnerable customers and small and medium-sized enterprises.