A New Report from Wipro
According to new research from Wipro, the future of the financial services industry will be driven by a sea change in customer behavior and customer expectations. This is a key finding from “Hyper-personalization in Financial Services: Redefining Customer Engagement,” a new report for financial-services companies that also discovered:
- For traditional incumbents to “pure digital” players, millennials are the key demographic for the future. Millennials already occupy a large and rapidly growing share of the overall workforce, and they are starting to have meaningful financial lives and make important decisions about their financial futures. Moreover, as digital natives, millennials have a markedly different outlook than previous generations; they expect a superb digital experience — and they don’t accept anything less.
- The rapid proliferation of internet-enabled devices – and (essentially) universal connectivity – has created a digitized society. COVID-19 has further accelerated digital adoption so that today, a huge set of users are comfortable doing business online.
- The result of these two complementary forces is that customer expectations have evolved dramatically and quickly. Most consumers (and especially millennials) expect their financial-services providers to offer more value in terms of personalized products and services.
- Financial services firms are beginning to realize the value of insights derived from the massive data generated in an increasingly digitized economy.
Going forward, financial services firms will face significant margin pressure and operate in an environment in which many products are essentially commoditized. This means firms will compete on the quality of their digital experiences and the personalized offerings they can deliver to customers. Customer engagement, already a top C-suite priority, will become a critical competitive advantage – perhaps even the critical competitive advantage. Financial services firms must assess their customer-engagement models and evolve their overall customer value proposition from the ground-up.
Wipro’s “Hyper-personalization in Financial Services: Redefining Customer Engagement” report also addresses a number of other relevant issues:
- The current state of customer engagement in financial services and future engagement models
- Hyper-personalization as the future for financial services
- The strategic roadmap to hyper-personalization (including building blocks and enablers)
- The challenges of embarking on a hyper-personalization journey in a traditional, highly regulated industry
Download the complete report, “Hyper-personalization in Financial Services” for detailed insights these issues and more – and learn how Wipro can become your strategic partner on the road to hyper-personalization.