Written by Peter-Jan Roose
Do you ever wonder how industries will look like in the coming ten years? Has COVID-19 impacted our way of doing business that digital acceleration is ongoing & imminent? What are traditional players doing to fill in their client needs? In this article, you will find an answer to these questions, but to understand the present situation, we have to go back in time.
Let’s start from the beginning, shall we?
Historically, industries and sectors have been well separated through various forms of regulation, business requirements, know-how, and capital, allowing traditional players to continue their journey at their own pace as well as gradually complexify any market entry.
The risk of complexifying your industry by various mechanics, such as regulation or your product value propositions, will cost you the willingness and love of your end-consumer to continue using your services. If a consumer does not understand the content of your product nor has transparent access to this information, he will start looking elsewhere.
Diving deeper into the Financial Services shows us how this market was:
1. Challenged by FinTechs;
2. Distorted as the traditional lines were broken;
3. Evolved in several different sub-segments, creating nascent markets.
When talking about Financial Services, you may consider services such as:
Retail banking: e.g. daily banking, insurances
Corporate & Institutional banking