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Disruption picks up pace in financial services—drive innovation or risk irrelevance
Challenger banks (like Monzo) and encroachments from powerful brands (like Orange) and ambitious Chinese players (like Alipay) present competitive challenges to financial services providers. Easier authentication, payment, and customer service are at the heart of modern customer experiences, and customers have high expectations. The explosion in fintech and other emerging technologies creates opportunities to radically overhaul business models and business practices. But, change is hard, talent is scarce, and an environment conducive to innovation is a culture shock for many established institutions. To successfully transform, businesses must support innovation from initial experimentation through to new ways of doing business that will become the “new normal.” HFS recently spent some time with Capgemini’s Financial Services team learning about the challenges it’s facing with its customers in this vertical.
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