Over the past few years, a digital revolution has been taking place in the financial services industry that has upended consumers’ expectations of customer service and left some incumbents scrambling to catch up.
In the UK, where there is a thriving fintech scene, traditional models of finance management, banking, investment, currency transfer and more are being overturned by a wave of digital upstarts promising to simplify finance.
With a digital- and often mobile-first approach, this new brand of financial services companies is changing consumer expectations of finance and banking, and winning over customers with the proposition that finance should be accessible, transparent, convenient, flexible and put the customer first.
Needless to say, established financial institutions have been greatly unsettled by this change and found themselves needing to work that much harder to appeal to customers, with many adopting ideas and traits from digital challengers in order to remain competitive.
Just as in other industries, the financial services industry has woken up to the need to reinvent itself digitally – with the customer at the centre.