Retail Banking Future Trends European Market
We know that in today’s challenging and competitive market, all businesses are striving to do their best, regardless of the industry, where the key focus is to enhance the customer experience and stay competitive. So it is for the financial services industry. The conventional business model is not performing well and there is an ever increasing cost of regulatory compliance, managing customer expectations, resource management, cost of borrowing and falling margins. All while competition mounts from the new Financial Services local and global competition by the likes of Apple Pay, Google Wallet and by the new entrants in the financial services market—29 new banking license applications were in progress in the UK alone last year. The new bank start-up unit was established by Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in January 2016 to bring focus to the new market entrants and the competition they expect to bring. Finally, In response to competition and the need for differentiation, FinTech firms are making great progress in offering better value for customers in terms of improved products and services along with convenience and flexibility to disrupt the conventional Financial Services business model.