Acora - Financial Services
The financial services sector, as a whole and as individual companies, is still reeling from the impact of the credit crunch of 2008. Increased compliance requirements, increased regulation and swift change all add administrative costs, risk and complexity to organisations. Change also introduces risk into a sector which values certainty.
Customer satisfaction has become paramount in recent years. A lack of trust and understanding has built from individuals. Small businesses have found it increasingly difficult to access the liquidity they require. Successful financial sector businesses must have a full 360° view of the customer – across all channels and products. This must be in real-time and easily accessible wherever. Trust in a financial services organisation must be gained – but the prize is significant.
A new approach to regulation is required – focusing on ease of accountability and traceability aligned with completeness. The decision to leave the EU impacts significantly – meaning organisations such as yours will be required to adhere with prevailing EU legislation whist lobbying and preparing for the future outside of Europe.
Along with the above challenges, the wider macro-economic environment means an expected reduction in disposable income, meaning a much more competitive marketplace. The digital age means consumers (both personal and business) are much more likely to do their research before approaching an organisation – even a broker or IFA.
A spate of recent embarrassments concerning security is also a concern for the financial services sector. A widely reported security breach of Tesco Bank is just one example of how fast brand damage can occur.