Exclusive: Financial services in ‘digital arms race’, with 71 per cent making new products due to customer suggestions
More than 70 per cent of finance leaders say firms are creating new products due to customers’ changing demands as part of a “digital arms race”.
Banks and financial services are adapting to a new demographic according to results of a new survey commissioned by Yobota, of 251 top decision makers, exclusively shared with City PM.
The data shows that in the last year, 71 per cent of firms worked on creating new products because of customer suggestions.
While more than 80 per cent of finance leaders are confident of meeting new demands, almost 65 per cent worry their firms are risk-averse, which may limit innovation.
Nearly three-quarters of those asked want more investment in innovation, to ensure changing customers demands continue to be met.
Ion Fratiloiu, Yobota’s head of commercial said the “industries are in a digital arms race, with companies competing aggressively for user retention.”
“Customer trust is the holy grail, yet historically many have dragged their feet when it comes to delivering on big promises to put their customer first.” He added “the tide is turning”, with firms now reacting to customers’ demands, despite risk-aversion remaining “rife”.