Today’s consumers are more informed, more connected and more demanding than ever. As a consequence, we find ourselves in an entirely new business environment – one in which your customers’ experiences are cast and recast by businesses beyond your category.
Their familiarity with other industries’ tech-driven advances in customization and user-friendliness are making a huge impact in the financial services sector, as in many others.
This report, part of our Best Global Brands 2019 series, looks at the financial services sector, which has a reputation for being traditional; a long way from the global ambitions of Silicon Valley and big tech’s move-fast-and-break-things attitude.
But as technology’s influence sets and resets customer expectations, the financial services sector becomes ever more vulnerable to the looming threat of disruption.
It may be big and it’s steady but that’s what people said about transport before Uber, and retail before Amazon. Best Global Brands 2019 lists 12 financial services brands in the top 100. The sector is second only to automotive, with 15 brands in total, and represents $145 billion in brand value.
Mastercard has risen fastest of all this year. Its ascent has been fueled in part by its transition from finance provider to technology firm, which should give many of the other brands in this arena pause for thought.
The next big news in this sector will inevitably involve digital disruption; the only questions are who and when. Social network spinoffs like Facebook’s Libra and China’s Ant are popping up; tech giants like Apple and Google are sniffing around the sector; and upstarts like Monzo are starting to make waves.
If you’re in charge of a financial business, right now would probably be a good time to think about how you can play to your brand advantages.