In the past ten years, the financial services industry has experienced significant change. Customer behaviours have developed significantly.
Historically, retail banks attracted customers largely through the breadth of their branch network. However, many customers are now no longer focussed on which bank operates their nearest branch. Instead, they are comfortable with remote banking and assess banks on the quality of their digital offering. The customer experience is a key differentiator for retail banks and technology has become critically important in shaping this customer experience. To compete in this evolving market, traditional retail banks have had to embrace digitalisation and reinvent their business models to meet customer expectations.
In this report, we look at the changing nature of the Financial Services sector and how collaboration (including through M&A) is increasing between established financial institutions and FinTechs.
To read the full report, or to listen to the most recent episode of our Financial Services podcast which discusses the report in more detail, please click the links below.