Financial Services Firms play a critical role in the lives of their customers; money does indeed make the world go round. Because of the import of their work, Financial Institutions change carefully. That means that our Previsories do, too, so careful readers will notice some themes common to last year.
As we look across the Previsories that Celent analysts have written to highlight the areas that banks and insurers, wealth managers and capital markets players, should be focusing on going into 2023, it’s no accident that the Customer remains at the center of FIs’ calculations. This, commendably, hasn’t changed from last year’s work. Four supporting trends were common across our work, with my view on what’s different this year.
Data is so pervasive that honing in on how to make a difference can be difficult; I’d suggest centering your data around your customers.
Technology-optimized processes have traditionally focused on the front end. Making your boring-but-important middle and back-end processes more efficient in service of the customer will pay big dividends, even without having a cool customer interface.
Streamlined ecosystems will benefit those players who set themselves up to take advantages of the vast array of potential partners out there. Those who are easy to do business with, technologically and culturally, will reap the benefits.
Product and process innovation have been around for decades, and advances in technology and a new generation of leaders meant that they’re now really starting to gain momentum. Even though innovation may not be making headlines the way it used to, those firms who continue to relentlessly execute will capture market share.
What’s your perspective on 2023? If you’d like to chat with a Celent Analyst, please reach out.
If you'd like to know more, go to our Previsory Hub Page
