emerging
Hyper-Connected Ecosystems
BFS companies are moving towards hyper-connected ecosystems, enabling personalized customer engagement and fostering partnerships.
Timeframe
near-term
Impact areas
Detailed Analysis
The increasing demand for personalized services is driving BFS companies to create hyper-connected ecosystems that integrate front, middle, and back-office operations. This interconnectedness allows for a 360-degree view of the customer, enabling tailored experiences. As the document states, "By 2025, digital transformation will enable BFS companies to become hyper-connected across the front, middle and back office, enabling elevated and personalized customer engagement."
Context Signals
79 percent of Generation Z want more personalized information from their banks.
FinTechs seeking partnerships for back-office capabilities.
Banks partnering with FinTechs for digital innovation.
Edge
Hyper-personalization could extend beyond traditional financial products to encompass lifestyle and wellness services.
New business models may emerge based on data sharing and collaboration within these ecosystems.
Increased competition from non-traditional players who are already adept at building and leveraging ecosystems.
