2018金融行业态势_重塑客户价值（英文版）_41页_1mb

Oliver Wyman: The Customer Value Gap - Recalculating Route

Core Content

This Oliver Wyman report, The Customer Value Gap: Recalculating Route, explores the evolving landscape of the financial services industry in 2018. It highlights the growing concern among industry leaders about the industry's ability to create new customer value and sustain growth in the face of competition from Big Tech and shifting consumer expectations. The report argues that financial services firms must rethink their strategies to close the customer value gap and adapt to a new era of innovation and digital transformation.

Main Points

• The Customer Value Gap: The report identifies a significant gap between what financial services customers currently receive and what they need. This gap is especially pronounced in the mass market segment, where traditional financial services have not evolved to meet changing consumer needs.

• Big Tech's Influence: The financial services industry is facing increasing competition from technology firms, which have grown rapidly and gained significant customer trust and market share. These firms are not only more innovative but also better at solving customer problems and delivering personalized, integrated experiences.

• Lessons from Big Tech: The report outlines three key lessons from successful technology companies:

  1. Solving Big Customer Problems: Firms like Amazon and Netflix started by solving clear customer problems and then expanded their solutions to other areas.
  2. Creating Active Solutions: These solutions are integrated, evolving, and designed to meet customer needs in real time, often leveraging data and algorithms.
  3. Generating Flywheel Momentum: By continuously improving their solutions and attracting top talent, tech firms create a self-reinforcing cycle of growth and innovation.

• The Customer Value Framework: The report introduces a framework that categorizes value into functional and experiential dimensions. Functional value includes meeting basic needs, while experiential value encompasses the emotional and social aspects of the customer experience.

• Digital Transformation: The pace of digital innovation has accelerated significantly, with cloud computing, mobile technology, and data analytics becoming central to customer engagement and service delivery.

• Shift in Competitive Advantage: The competitive landscape is shifting from product-centric to solution-centric, with digital tools and data playing a central role. Financial services firms must adapt to this new model or risk losing relevance and customer trust.

Key Information

The Mass Market Conundrum

• The mass market segment (households with less than $100K in investible assets) represents a significant portion of consumers in North America and Europe.
• These customers face declining real income growth, lower interest rates, and reduced real estate appreciation, all of which have impacted their financial prospects.
• They also have more choices and less reliable support due to changing family structures and communities.
• Financial services for this segment remain largely unchanged, despite these shifts, creating a large opportunity for innovation.

The Flywheel Effect

• The flywheel effect describes how each improvement in a firm’s solution leads to more customer engagement, more data, and more innovation.
• This self-reinforcing cycle is a key driver of growth for Big Tech firms and is essential for financial services to remain competitive.

Trust and Customer Bonding

• Despite the rise of Big Tech, financial services firms still enjoy a higher level of trust among consumers.
• However, this trust is not enough to sustain growth if firms do not improve their customer value propositions.
• The report emphasizes that customer bonding is driven by both functional and experiential value, and that financial services must deliver on both fronts.

The Role of Data and Algorithms

• Big Tech firms leverage vast data graphs and advanced algorithms to continuously improve their solutions and meet evolving customer needs.
• These data-driven approaches allow for personalized, integrated experiences that are difficult for traditional financial services firms to replicate.

The Future of Financial Services

• The report argues that financial services firms must act quickly to close the customer value gap.
• They must focus on creating active, integrated solutions that solve real customer problems.
• The opportunity is significant, and the industry is in the early stages of transformation.

Conclusion

The financial services industry is at a crossroads. While it has recovered from the crisis, it is facing new challenges from Big Tech and shifting consumer expectations. To remain relevant and competitive, financial services firms must embrace innovation, focus on solving big customer problems, and create integrated, active solutions that deliver both functional and experiential value. The time to act is now, or risk being left behind in a rapidly evolving market.