Strategies for financial firms amid disruption

FINANCIAL services firms around the world have been dealing with a series of challenges the past years, including a big increase in regulatory scrutiny, the impact of massive technology change on their business and stepped-up competition from industry rivals, fintech startups and well-established technology firms.

With new centres of wealth emerging in China, India, Singapore and other fast-growing economies in Asia, the region is fast becoming a focus for many global banks, insurers and asset managers that previously mostly targeted the old centres of wealth in Europe and the United States. In that scenario of massive business disruption and an industry with a growing number of important markets spread throughout the globe, how can financial firms succeed?

The simple answer: it is the customer. The relationship that several companies have with their customers is under serious threat; with an endgame fast approaching, and only those businesses that maintain a deep and ongoing connection with their customers will be able to remain relevant in the future.