Reports

Empowered Consumers Transform Financial Services

Financial Services, from banking to insurance to investments, are being rapidly transformed by consumers who are connecting to the Internet in unprecedented numbers globally. Highly mobile, these consumers can and must be reached with new products in new ways.

Every organization needs to understand the implications of the connected consumer, whether that means expanding its mobile strategy, determining if micro products will disrupt core processes, accelerating its social media presence, or investing in big data tools. Similarly, every consumer can benefit from understanding how his or her financial services are changing and his or her role in shaping that change.

This report identifies four major technological drivers of change: the rapid uptake of mobile devices, the growth of microfinance, the widespread adoption of new media, and the mining of both structured and unstructured data. These factors are connecting people to each other on a massive scale, breaking down barriers, bringing financial services to people regardless of income level or location, and providing rich insights that could fundamentally alter our understanding of risk and financial services itself.

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