NEEDHAM, Mass. - According to several new reports launched by Boston-based consultancy TowerGroup, the global financial services industry is expected to grapple with three major strategic shifts in 2007 and beyond: reinventing financial services; repurposing financial services relative to the global diversity of a changing customer base; and helping restore confidence in an uncertain world.
The reports examine the top business drivers, strategic responses and technology priorities that will fuel core sectors of the global financial service industry in 2007.
"The global financial services industry is changing in response to tectonic shifts in marketplace and business dynamics," said Guillermo Kopp, vice president of TowerGroup Cross-Industry research. "Traditional markets are saturated with product and service options. The maturation of established customer segments is limiting traditional market opportunity. Both customer satisfaction and loyalty are being eroded by competition from traditional and nontraditional sources and industries."
TowerGroup finds fundamental innovation - based on real-time transactions, interconnected services, advanced customer analytics and business intelligence - to be critical for FIs.
"Understanding core business drivers, strategic responses, and technology initiatives for 2007 and beyond will help financial services executives embark on the dialogue regarding innovation that each institution must have relative to its future," Kopp said.
The "Top 10 for 2007" published TowerGroup reports include:
Banking & Payments
- "2007 Top 10 Business Drivers, Strategic Responses, and IT Priorities for U.S. Bank Cards"
- "Consumer Lending's Top 10 for 2007: Business Drivers, Strategic Responses, and Technology Priorities"
- "2007 Top 10 Business Drivers, Strategic Responses, and IT Priorities for European Banking & Payments"
- "Global Payments Top 10 for 2007: Business Drivers, Strategic Responses, and Technology Priorities"
- "Wholesale Banking Top 10 for 2007: Business Drivers, Strategic Responses, and Technology Priorities"
Cross-Industry
- "Top 10 Strategic Priorities, 2007 and Beyond: The View from the Corner Office in Financial Services"
Insurance:
- "2007 Insurance Industry Perspectives: Business Drivers, Strategic Responses, Technology Initiatives" (Cynthia Saccocia, research area director)
Securities & Investments:
- "2007 Top 10 for Brokerage & Wealth Management: Business Drivers, Strategic Responses, IT Priorities"
- "The 2007 Top 10 Business Drivers, Strategic Responses, and IT Priorities for Asset Management Firms"
- "2007 Top 10 for Brokerage Firms: Business Drivers, Strategic Responses, and IT Priorities"
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