I read a very interesting albeit a not so new article about highly personalized banking. They claim and I quote, “Citizens Financial Group (CFG) offers enhanced online banking tools to enable you to personalize your accounts and Internet banking preferences to "fit" your lifestyle. Based on your unique priorities and financial goals, choose high interest savings account rates, customizable banking services and other internet bank account options that will allow for greater banking ease and increase your savings potential.”
A few months ago, I had responded to a question on LinkedIn about future trends in personal financial services. My answer was, “I would think with the New Capitalists in the play, companies that manage money will become much more active and will be able to dictate companies' behaviours. I would highly recommend a book. The New Capitalists: How Citizen Investors Are Reshaping the Corporate Agenda The other trend I see in Financial Services is integrating the global phenomenon in everything. Financial Services will need to cater to global citizens, global companies, etc. New services that might evolve would be highly individualized financial/life management. Let me explain this a little better. Someone who likes to travel once every quarter for leisure, like to drink coffee, spends on golf, wants to pursue advanced education, etc. will have a personalized financial plan as opposed to another person with different goals in life. Though I think that this is more futuristic than the next five years.”
This is a simplisic version of what Citizens Financial Group seems to be offering. It feels good to be able to accurately predict trends, which is a key skill for strategy consulting.
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