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Financial Services Trend
Top 5 trends in the industry in 2016
presentation by Khandakar Joyef (15 May 2016)
1. Fintech Disruption
Introduction of new technology based models capable to provide financial services across the product shelf.
Why it matters: Millennials demographic demands new
digitally driven customer experience Drive for cost savings
Fintech adoption
2. Millennials matter
Millennials have grown up into financial services consumers.
Why it matters: Millennials are digital savvy and expectations
remain high for service delivery and functionality
Put high value on advice and human interaction on purchase journey
Millennials being tech savvy
3. Household Debts
The average Canadian household has nearly $ 1.66 in debt for every dollar of disposable income.
Why it matters:Debt is a product (opportunity)for banks. Millennials are digital savvy and expectations remain high for service delivery and functionalityThey put high value on advice and human interaction on purchase journey
Canadians debt
4. Potential housing bubbles
Warnings have piled up nationally about potential bubbles in Toronto and Vancouver.
Why it matters: Directly related to sale of home mortgages and
insurance products Indirectly, consumers prosperity drive the
demand for credit card, travel spending and investment loan and inflow.
Housing price
5. The branch of future
Technology innovations and cost cutting have resulted in closing of branches of banks.
Why it matters: Customers yet have preference to visit
branches for complex financial issues Clients will move easily between many
channels in a single purchase journey expecting service providers to maintain pace
Using channels for banking
Thank You!
Khandakar Joyef