According to the organization of Economic Co-operation and Development, financial services comprise around 20-30% of the total service market revenue.
The global financing industry is witnessing unprecedented regulatory changes and demands, and in the midst of the recent crisis, prominent banks are creating opportunities to improve growth and profitability. The goal of these banks is to manage risk, ensure compliance, and improve the operating models. With the recent financial crisis, the economy is still struggling to keep up with the unconventional monetary policies and make the financial system more resilient. While there is a significant demand for financial services across all income levels, several factors are hampering the growth of the financial industry. These factors include:
- Disruptions in the global economy: With the recent Brexit issue, prominent financial institutions across the globe have been affected. Also, recent economic disruptions have affected the overall banking stability with consumers focusing on increasing their investments and reducing the spending.
- Cybersecurity: With the rising incidence of security threats such as phishing, ransomware, and DDoS attacks, regulators are planning to enhance the level of scrutiny for proving authentication and real-time monitoring capabilities. Also, with the increasing customer expectations, leading firms in the financial industry are facing relentless pressures to keep up their operations with the changing technological landscape.
To address concerns related to the growth of the financial industry, leading service providers are implementing market intelligence as a part of their business strategy. Market intelligence provides information related to the current market scenario to further analyze the benefit of the business. An effective market intelligence solution is vital for the businesses to gather, analyze, record, and interpret information about the company’s competitors and the customers.
A Business Challenge
- The client: A leading financial company
- Area of engagement: Market intelligence
A leading client in the financial industry with a considerable number of service offerings wanted to overcome the relative challenges in the financial industry and tap potential opportunities to enhance their business offerings. The client wanted to improve the quality of their decision-making and increase their revenue, profit, and market share. With the help of Infiniti’s market intelligence study, the client wanted to seek ways to profile the competitors and their service offerings and gauge the reputation, performance, and brand values of the acquisition target.
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The Journey
To design effective marketing campaigns and reach out to potential customer segments, the market intelligence experts at Infiniti carried out extensive interviews and discussions with leading stakeholders in the financial industry. To gain a comprehensive understanding of the direct and indirect competitors, the market intelligence experts at Infiniti also compiled information across a wide array of secondary resources such as paid industry databases, company presentations, and industry forums.
The Solution Benefits and the Business Impact
The market intelligence solution offered by Infiniti helped the financial industry client to efficiently keep track of the market scenario and what the competitors are offering. The engagement also helped the client ascertain the demand for services across niche target segments and gain actionable insights on the customers’ preferences in these segments. With the help of this engagement, the client in the financial industry was able to remain abreast of the relevant technologies in the industry and make informed-business decisions. Moreover, the engagement helped the client to integrate multiple information and generate a holistic view of the overall market scenario.
The Future
The future of the financial industry will be marked by innovations in terms of crypto-currencies and peer-to-peer lending. Also, with artificial intelligence making its way into the financial sector, the financial industry client will be able to re-define their current architecture and enhance their service offerings to the customers.
