Capitalizing on emerging demographic, economic and technological trends

Trends are driven by demographic, economic and technological changes. The confluence of these three factors will drive considerable opportunity for Financial Services companies in the next few years.

Demographic change
Age and income variables frequently drive product and delivery channel choice among consumers. How a financial firm delivers it products and how its staff interact with customers frequently impacts more than just satisfaction scores. 

Economic trends
During periods of economic transformation, new ideas and new ways of doing business are tested and developed into financially viable products and services. Examples include new business start-ups and/or new business units within existing companies. This results in new opportunities.

Technology
Five years ago there were zero iPhone apps. Today there are almost 150,000.  As this new channel of information distribution matures, financial service firms will need to re-evaluate how customers want to interact with their financial services provider using available technology. 

Our Morpace Omnibus Research tells us that almost one-third of banking consumers have used their cell phone or smart phone to access information about their bank account.  We help financial service firms prioritize product features and functionality meet the needs and wants of consumers.

We also monitor online banking product innovation. We provide strategic guidance to our clients on how to address consumer desires related to financial goal setting, goal tracking and payment planning.  We help our clients determine which new features and functionality are worth developing.