Global fintech investment in 2019 reached a record of $135.7 billion invested across 2,693 deals according to KPMG. Singapore is a Big Red Dot on that map with fintech investment on the island having more than doubled in 2019 to US$861 million (S$1.2 billion) from US$365 million in 2018, according to an Accenture study.The definition of bank and banking is being deconstructed and reconstructed. Consumer needs are shifting quickly. And new entrants are making waves with paradigm-shifting innovations. What will the future of banking look like? What can we do to prepare ourselves today? And what is the role of consumer insights and foresight? In this presentation, we will explore the following:- Drivers of change impacting shifts in consumer needs for banking;- Critical uncertainties and scenarios of future banking;- Key imperatives for players of the future and the role of market research.
This paper discusses the research challenges faced by Egg, a leading Internet bank in the United Kingdom, and describes the innovative approach it has taken both in its use of research methodologies and in the technology of the Internet to increase efficiency and reduce costs. Considerable emphasis is placed on the high quality of service it provides and high-volume, continuous research on all aspects of its services is considered fundamental to its long-term success in both attracting and retaining customers. Egg has adopted a policy of joined up research by using continuous and overlapping sources of research data from multiple sources to create a complete picture rather than a series of isolated fragments of information. Frequent, short web-based quantitative surveys are complemented with standard qualitative and desk research activities to provide this integrated and holistic view. Along the way, Egg has had a number of methodological, technological and ethical issues to consider, and this paper will draw on the practical experiences of the authors to demonstrate how they can be managed and resolved satisfactorily.
This paper describes how financial institutions in the United States and the affluent are responding to the availability of on-line investment services. It provides lessons learned to date in an ever fast-changing environment. The results are based on competitive intelligence interviews with executives of financial institutions, financial analysts, and proprietary research with affluent investors.