Financial services in ‘digital arms race’ with 71% building new products based on customer suggestions

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Wednesday 04 May 2022 09:45

The bank, which derives much of its profits from China and Asia, has set aside $600m (£470m) in reserves to cope with a rise in the number of borrowers who do not not repay their debts, she announced today.

More than 70% of finance leaders say companies are creating new products because of changing customer demands in a “digital arms race.”

Banks and financial services are adapting to new demographics according to the results of a new survey, commissioned by Yobota, of 251 top decision makers, shared exclusively with AM City.

Data shows that in the past year, 71% of companies worked on creating new products based on customer suggestions.

While more than 80% of finance leaders are confident they can meet new demands, nearly 65% ​​fear their company is risk averse, which could limit innovation.

Almost three-quarters of respondents want more investment in innovation, to ensure that changing customer demands continue to be met.

Ion Fratiloiu, chief commercial officer of Yobota, said that “industries are in a digital arms race, with companies competing aggressively for user retention.”

“Customer trust is the holy grail, but historically many have dragged their feet when it comes to delivering on big promises to put their customer first.” He added that “the tide is turning” with companies now reacting to customer demands, despite risk aversion remaining “alive”.

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