2020 Digital Trends: Financial Services in Focus

ADOBE

Financial services firms are focusing on the customer experience and data-driven marketing to build trust and stand out.

Why the audience should care: Established businesses in the financial services sector are struggling to compete with disruptive tech start-ups that are threatening to reinvent the sector.

Supporting points: Financial services and insurance providers (FS) are set to redouble their CX optimisation efforts in 2020 as they respond to industry disruption and disintermediation. There is a strategic focus on customer journey management and personalisation.
    • FS providers’ main source of concern is competition from digitally native companies. They are 60% more likely than businesses in other industries to name this as their top business worry for the year ahead (24% vs. 15%).
    • Digital disruption remains a particularly widespread concern among retail banking players (28%) and insurance providers (26%).
    • Demonstrating their focus on a CX-led fightback, about four in ten (42%) financial services organisations are prioritising customer journey management during 2020.
    • FS companies continue to commit to targeting and personalisation to a greater degree than other sectors such as technology, media and manufacturing, retail, travel and hospitality (38% vs. 27%).
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