On the face of it, the FCA’s (Financial Conduct Authority) focus on regulating the market whilst simultaneously promoting competition and innovation may seem like a Catch-22 situation for financial services businesses.In its zeal to encourage this initiative, the FCA has created advice units to provide regulatory feedback to firms that are keen to deliver low-cost consumer advice.
Keeping Competition Alive
The FCA is also offering a Regulatory Sandbox for businesses to test innovative product, services, business models and delivery mechanisms. They can do this in a live environment without immediately incurring the regulatory consequences.
Putting Customers at the Core
As a result of the FCA’s focus, traditionally established financial services businesses are experiencing increasing pressure to create value-added customer engagement strategies. Whilst on the one hand they have to continually adapt to regulatory demands, on the other, they must achieve a radical change in mind set and deliver customer-centric strategies.
This involves aligning products and services such that the client and their ability to access those services are at the core of their focus. It will, as a result allow financial services businesses to get competitive by delivering exceptional customer experiences to existing customers whilst also attracting and acquiring new ones.
Delivering Digital Transformation
Financial services organisations must use technology to their advantage, in order to overcome the existing challenges and remain competitive in the global marketplace. They should deliver digital transformation strategies that achieve customer stickiness and advocacy by providing seamless customer experiences and improved decision-making. The focus must be on the users whether they are customers, prospects or employees.
Over the past three decades, Mastek has been assisting financial services customers to achieve digital transformation. Our domain expertise amassed over the course of these years coupled with our transformation experience ensures that our customers are always one step ahead of the competition
Click here to find out how we can help you align your financial services business with your customer’s need.