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Helping to deliver profitable outcomes in a challenging economic and regulatory environment

The Australian financial services industry has faced significant headwinds in recent years, coupled with a challenging and changing economic environment and confronted with an increasingly complex privacy and credit regulatory landscape. Such pressures include continuing low interest rates, the demands of capital adequacy rules, the rise of the digital battleground and new challengers emerging in the Australian market. At the same time, rising customer expectations mean that financial services providers need to adopt customer centric strategies that help build trust and deliver an optimum customer experience.

These challenging market conditions and increased regulatory pressures make it even more important for financial services providers to make the right decisions – from acquisition and customer management right through to collections. Despite the complexities, significant opportunities exists for those providers who can serve their customers well, utilising new technologies across all channels. However, the less agile and more cost constrained organisations are, the more likely they are to find the next five years as challenging as the last.

In this eBook, Experian explores the challenges, changes and opportunities facing the financial services industry. Experian is already working with some of the world’s leading financial services organisations to help ensure that they seize growth opportunities and deliver profitable outcomes as they happen, whilst minimising risk and bad debt.

You can discover the highlights from our latest eBook below and download the full publication using the form on the right.

 

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To view the eBook, Evolution of Banking & Financial Services, simply fill in your details below.

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  • Customer pp. 4-10

    The customer is the life blood of any organisation and must be positioned at the heart of product and proposition design to ensure success. Delivering excellent customer experiences will define banking and bring additional challenges as the customers increasingly demand greater responsiveness, and personalisation of products and services... read more

    The customer is the life blood of any organisation and must be positioned at the heart of product and proposition design to ensure success. Delivering excellent customer experiences will define banking and bring additional challenges as the customers increasingly demand greater responsiveness, and personalisation of products and services.

    Focus areas:

    • Expectations of their bank
    • Their financial needs, wants and problems
    • Multi channel servicing
    • Customer experience

  • Regulatory Framework pp. 11-22

    The regulators, post the global financial crisis, continue to deliver financial services reform. As a result of the introduction of Comprehensive Credit Reporting (CCR), financial organisations have the opportunity and need to evolve practices of data and risk management, customer interactions and technology... read more

    The regulators, post the global financial crisis, continue to deliver financial services reform. As a result of the introduction of Comprehensive Credit Reporting (CCR), financial organisations have the opportunity and need to evolve practices of data and risk management, customer interactions and technology.

    Focus areas:

    • Shaping a new environment with CCR
    • Expectations of regulated entities
    • Driving a paradigm shift for customers
    • Stronger process and evidence
    • Creating a customer culture

  • New Entrants pp. 23-29

    This is a regulatory and political environment that wants to encourage competition and choice. New entrants will find the Australian banking and financial services environment tough to get started, but as innovative entrants have demonstrated, if you can fill a gap in the market, there is space and money to be made. Delivering internal reform and innovations such as those in the digital wallet space and peer to peer lending are challenging and building market share... read more

    This is a regulatory and political environment that wants to encourage competition and choice. New entrants will find the Australian banking and financial services environment tough to get started, but as innovative entrants have demonstrated, if you can fill a gap in the market, there is space and money to be made. Delivering internal reform and innovations such as those in the digital wallet space and peer to peer lending are challenging and building market share.

    Focus areas:

    • Non banks and digital wallet
    • Mobile payments: an opportunity and threat
    • New banks
    • Crowd funding and investment

  • Technology pp. 30-46

    Technology is inextricably linked with the very essence of a bank - from balances to transactions and customer information existing in a bank's data centre. More than ever before, technology is shaping the next evolution in banking and financial services. Without state of the art management and innovative blue sky thinking, it could also constrain the pace of its progress. Online and high tech fraud is increasingly impacting the bottom line... read more

    Technology is inextricably linked with the very essence of a bank - from balances to transactions and customer information existing in a bank's data centre. More than ever before, technology is shaping the next evolution in banking and financial services. Without state of the art management and innovative blue sky thinking, it could also constrain the pace of its progress. Online and high tech fraud is increasingly impacting the bottom line.

    Focus areas:

    • Delivering change / standardisation and APIs
    • Big Data
    • Security, fraud and biometrics
    • Future innovation impacting and protecting financial services

  • Banking Evolution pp. 47-55

    Developing differentiation within the industry and between brands will be a transformative journey. At its very heart are customers. Listening to what their needs, wants and problems are and providing help, solutions and guidance to navigate through life's financial journey as well as the education that can enrich their conversations with their financial service providers... read more

    Developing differentiation within the industry and between brands will be a transformative journey. At its very heart are customers. Listening to what their needs, wants and problems are and providing help, solutions and guidance to navigate through life's financial journey as well as the education that can enrich their conversations with their financial service providers.

    Focus areas:

    • The future
    • Retail – a bank for life
    • Wealth
    • SME business

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