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    Investing in innovation: what areas should you focus on to win in financial services today?

    In order to overcome external and internal disruptive factors, financial services businesses need to adapt their offering. Innovation is key. But where should you focus your innovation investments?

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    Focusing innovation

    Focusing innovation

    transforming into a platform business

    Every financial services business needs to think about transforming into a platform business, where they have a group of loyal and happy customers and a number of services they can sell to them, as well as to new customers. To do that focusing on three areas of innovation is key.

     
     
     
    Connect to  your customers

    Connect to your customers

    Use multiple digital channels to connect to your customers, providing them with a consistent and fulfilling customer experience.

    Better understand your customers

    Better understand your customers

    Learn more about your customers so you can provide personalised communications and target them with relevant services.

    Develop related services

    Develop related services

    Use this new insight to develop related services tailored to your customers’ preferences.

     
     
    Connect to  your customers

    Connect to your customers

     
     
    BETTER UNDERSTAND YOUR CUSTOMERS

    BETTER UNDERSTAND YOUR CUSTOMERS

    Insight fuelled bespoke customer journeys

    retain customers

    Using insight gained from your customers 'digital footprint' will help you create personalised customer journeys. Accenture’s 'Banking Customer 2020' report found of those who switched bank accounts, 15% did so due to a lack of a tailored customer experience.

    Retain customers

    GROW customers

    By finding innovative ways of gaining information on customer behaviour, you can develop a 360 degree view of your customers. This valuable insight can help you target customers with relevant services, and develop new ones.

     
     
    DEVELOP RELATED SERVICES

    DEVELOP RELATED SERVICES

    DEVELOP RELATED SERVICES

    BROADEN YOUR PORTFOLIO

    retain customers

    Customers are much less likely to move provider if they use a number of your services. Increase your stickiness by developing related services based on customer insight.

    GROW customers

    The more relevant services you offer, the more you can cross sell and upsell to existing customers. And if your customers are interested, prospects will be too.

     NEXT STEPS

    WHAT ARE THE NEXT STEPS?

    Every financial services business needs to think about transforming into a platform business, where they have a group of loyal and happy customers and a number of services they can sell to them, as well as to new customers. To do that focusing on three areas of innovation is key.

     
    Unifying your infrastructure

    Unifying your infrastructure

    It’s crucial for IT to turn from an inhibitor to an enabler if these innovative ideas are to become a reality. Converged infrastructure brings together and simplifies IT operations so financial services organisations can remove any avoidable obstacles to change while maintaining daily core operations.

    Focusing innovation

    Removing silos

    Historically IT teams have worked in silos. Simplified infrastructure will help bring teams together, but every person within IT needs to be on the same page and working towards the same goal if innovative ideas are to be rolled out.