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Financial services industry

Infiniti’s Market Opportunity Analysis Helped a Financial Services Provider to Identify Potential Market Opportunities and Achieve Savings of Over $8 Million

Market Opportunity Analysis for the Financial Services Industry

The financial services industry is witnessing unprecedented changes as it moves towards digitalization. However, with digitalization and high-speed innovations opening up new opportunities for financial services companies, security threats, and data breaches have started coming to the forefront. Apart from these risks, rising customer expectations, increasing pressure from competitors, inefficiency in meeting investor expectation, and regulatory conditions are presenting challenges for companies in the financial services industry. As a result, it is becoming imperative for financial services companies to conduct a market opportunity assessment before entering a new geography or region.

Entering a new market without a thorough knowledge of the market can be challenging. Request a FREE proposal to know how our market opportunity analysis can help businesses assess potential market opportunities and understand the competitive landscape.

Business Challenge

The client is a financial services provider based out of the Northeastern United States. As the Canadian financial services industry had healthy levels of capital adequacy and liquidity, the client wanted to expand their business operations to Canada. However, before expanding, the client wanted to conduct a market opportunity analysis to understand the Canadian financial services sector landscape and identify industry challenges. The client, therefore, approached Infiniti Research to leverage their expertise in offering market opportunity analysis solution.

Top challenges faced by the company in the financial services industry were:

Financial services industry challenge #1

Regulatory condition – The ever-changing regulatory environment posed major challenges for companies operating in the financial services industry in Canada. This further necessitated financial services companies to spend a large part of their discretionary budget on compliance. Therefore, with Infiniti’s market opportunity analysis, the client wanted to thoroughly understand the regulatory conditions in the Canadian financial services industry. By doing so, they wanted to focus on building systems and processes to keep with the regulations and industry standards.

Financial services industry challenge #2

Open banking system – Open banking system had a profound impact on consumers in Canada. Moreover, over 60% of Canadian financial services companies had already incorporated open banking model in their strategic business plan. Therefore, with market opportunity analysis, the client wanted to identify all the profitable business models adopted by major financial services companies.

Financial services industry challenge #3

Increasing popularity of FinTech companies – The increasing popularity of FinTech companies have brought about major challenges for traditional financial services companies in Canada. With Infiniti’s market opportunity analysis, the client wanted to analyze the competitive landscape before investing huge capital into the Canadian financial services industry.

Financial services industry challenge #4

Finding the right talent – For smoother expansion into the Canadian financial services industry, the client wanted to find the right talent to meet the demands of the digital world. Therefore, with Infiniti’s market opportunity analysis, they wanted to find the right business partners to support their operations in Canada.

To devise a robust market entry or expansion plan, businesses require detailed insights into the new market, competitors, customers, and regulatory environment. Our market opportunity analysis can help you gain detailed insights into the new market and assess the markets’ readiness for new offerings. CONTACT US today!

Solutions Offered and Value Delivered

The experts at Infiniti Research followed a detailed five-phased approach to market opportunity analysis.

Market sizing – In this phase of engagement, the experts at Infiniti Research analyzed factors such as market structure and size, barriers to entry, and financial services industry trends.

Competitive landscape – In the second phase of the market opportunity analysis engagement, the experts at Infiniti Research identified the key players in the Canadian financial services industry and their market share. Also, factors such as competitors’ business strategies, pricing plans, and market position were taken into consideration.

Consumer insights – This phase of the market opportunity analysis engagement involved identifying customers’ needs and expectations regarding financial services. Also, the experts identified the unmet customer needs.

Regulatory assessment – In this phase, the experts analyzed the current regulatory landscape in the Canadian financial services industry. Also, the experts monitored how key players in the financial services industry adapted to the regulatory changes.

Resource analysis – The final phase of the market opportunity analysis engagement included identification of the right business partner to support the client’s business operations.

Infiniti’s market opportunity analysis helped the client to analyze market potential in terms of market size, structure, and trends. Also, the engagement highlighted key barriers to market entry. The insights obtained from Infiniti’s market opportunity analysis helped the client to understand the competitive landscape in the Canadian financial services industry. The financial services provider was also able to identify unmet customer needs and demands. In addition, the client was able to understand the regulatory landscape and build processes to keep up with the regulations and industry standards. The insights obtained from Infiniti’s market opportunity analysis further helped the client to devise a robust market entry strategy.

With Infiniti’s market opportunity analysis solution, the company in the financial services industry was also able to identify the right business partners and collaborate with FinTech companies in Canada to support their business operations. Moreover, the client was able to embrace open banking systems and other business models that are gaining popularity in the Canadian financial services sector.

Furthermore, by having complete insights into the new market, the client was able to successfully establish themselves in the Canadian financial services industry. Also, within three years of entering the Canadian financial services industry, the client was able to achieve savings of over $8 million.

Our market opportunity solutions have helped various global giants to identify potential market opportunities and yield huge profits. Request for more information to gain detailed insights into our services and their benefits for your business.

Top Trends in the Financial Services Industry  

Top Trends in the Financial Services Industry

Want to gain detailed insights into these trends? Read the article here.

Top Three Trends in the Financial Services Industry

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Financial services industry

The Impact of Brexit on the Financial Services Industry

What is Brexit?

Brexit is a shorthand term derived from ‘Britain’ and ‘exit’ used to refer to Britain’s split from the European Union. In 2016, a referendum vote (for everyone of voting age) was held to decide whether the UK should remain in the EU or leave. A good majority out of the 30 million people who voted favored that the UK should leave the EU. One of the common economic arguments often put forward for Brexit is that EU membership is hampering U.K.’s trade ties outside the trading bloc.

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Brexit: what are the main challenges for financial services industry?

After four decades of continuous membership, the United Kingdom is all set to make a great exit from the EU in 2019. This will be the most complex demerger ever contemplated, having severe impacts. It includes the potential disruption to the lives of millions of European nationals living outside their home country, the disruption to complex supply chains in sectors such as automobiles and aviation, and the disruption on capital flows and the financial services industry. In this blog, our experts in the financial services industry have analyzed the impact of Brexit on the sector and what needs to be done next:

Passporting

Presently, a company in the financial services industry that is licensed in one EU member state can in principle conduct business throughout other countries in the EU by passporting their license across national borders. Chances are that the UK decides to stay in the European Economic Area (EEA). EEA provides its members with access to the EU Single Market. It is subject to European law and jurisprudence in respect of the ‘four freedoms’, which include the free movement of goods, services, people, and capital. Members are also required to pay a financial contribution to the EU. In this case, companies in the financial services industry may continue the passporting of their licenses. However, the scenarios where UK seeks temporary EEA membership for a smooth exit from the EU should not be completely ruled out.

Mutual recognition

For much of the early negotiation phase of Brexit, the British government preferred to establish a mutual recognition system. This was an agreement between parties to maintain comparable rules to accept each other’s findings as binding in their own city. For companies in this financial services industry, this would require the establishment of a bilateral body that jointly agrees to objectives including financial stability, consumer protection, and dispute management. Although each party would have different procedures to achieve the agreed objective, the ultimate goal would be ensuring consistency of outcomes.

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Equivalence

In theory, equivalence offers an easier method of facilitating cross-border business. The EU examines the regulatory and supervisory framework that exists in a given country for a given business activity and determines whether the rules in the said third country are equivalent to those in the EU. In case they are, the companies in the financial services industry from the said country are permitted to conduct cross-border business. Given that the UK and EU are at a point of perfect regulatory convergence provides a means by which firms established in the country could continue to operate cross-border, post-Brexit. Equivalence is likely to be the foundation of UK’s financial services agreement, with the UK seeking a declaration that the city of London is fully equivalent to the European Union by reference to a common legal and regulatory framework. This translates to the fact that a deep understanding of both the functioning and limitations of this framework is a prerequisite for post-Brexit regulatory management.

Relocation

Another option available to companies in the financial services industry who are conducting cross-border activities is relocation. Firms in the financial services industry that have their headquarters in London could consider opening a licensed EU headquarters in an EU-27 member state. If the backbone of the future UK-EU agreement is equivalence, then those activities for which equivalence is not permitted would be subject to relocation, possibly with legacy book transfer.

Learn more about Infiniti’s solutions for the financial services industry

IR24

3 Key Financial Services Industry Trends That are Expected to Bring Significant Changes in 2019

The financial services industry is, undoubtedly, evolving rapidly all around the globe. But whether you think about regulations, shifts in technology, or global events, the changes can be dizzying. From the smallest community institutions to the largest multinational firms, it’s time to rework on plans for everyone because what has led to success until now may not work as well in the future. With the Brexit deadline fast approaching, the financial services industry is expected to face mounting risks from potential asset-price bubbles. Moreover, for both small and large financial firms, it is time to focus on scenario planning as 2019 can be a volatile year. Today, with the rapidly changing technologies and financial services industry trends, companies must be adept at becoming agile and boost visibility in the marketplace. In this article, we have talked about some of the major financial industry trends that companies must follow to stay vigilant and make the most of opportunities that arise in 2019.

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Connected Car Technology

Blockchain Technology Making its Mark in the Insurance Industry: Four Reasons Why This is Great News

The use of blockchain in insurance is still in its early stages of inception and implementation. The potential of blockchain technology in sharing data, process claims, and preventing fraud in the insurance industry is indeed intriguing. But companies in this sector still have a long way to go in terms of actively working with start-ups, regulators, and industry experts to figure out the best ways to navigate the potential challenges of the blockchain technology to the realities of the insurance industry. With that in place, it is undeniable thaGet More Infot the applications of blockchain in insurance will revamp the way this industry functions. Let us dive deeper into blockchain technology and the perks of blockchain in insurance.

What is blockchain technology? 

Blockchain technology has moved on from a mere buzzword to one of the notable tech trends in most industries. It is a distributed, peer-to-peer ledger of records called blocks that is virtually incorruptible.  Every block is linked using cryptography. It is self-managed and does not require coordination from an intermediary. Not just financial transactions, but blockchains can be programmed to record virtually everything of value.

Blockchain in insurance 

Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service. Industry experts at Infiniti Research have curated some of the key benefits of employing blockchain in insurance:cta ir

Improved rate of trust 

Industries like insurance and financial services run majorly on the trust between customers and the company. Customers trust these institutions with their earnings only because of the trust that a particular institution has instilled within them. But in many cases, banks and insurance companies do not reveal the exact data to their customers, building skepticism in their minds regarding any further investments. Implementing blockchain in insurance and other financial institutions helps build consumer trust as it provides transparency in transactions.

Timely fraud detection and prevention

Blockchain technology has immense potential to detect and prevent fraudulent activity, making the use of blockchain in insurance extremely compelling. Over the past several years, the insurance industry has been battling with fraudsters and hackers who have duped them of millions of dollars. Blockchain technology will help insurance companies to easily verify customers, policies, and transactions for authenticity using a decentralized repository and its historical records.

Smart contracts and better claims processing

Blockchain technology can solve several issues that both the insurer and the insured currently face. Insurance contracts are often seen as long and confusing for insured individuals, while insurance companiesAsk An Analyst_IR are working hard to protect themselves against all possible types of fraud. With the help of smart contracts and blockchain technology, both insurers and the insured would benefit from managing claims in a responsive and transparent way.

Enhanced efficiencies

It is a known fact that in the case of changing insurance companies, the data entry process to get coverage and care started is extremely slow and inefficient. Customers also often find themselves in the fear of losing their personal data to fraudsters. Blockchain provides a solution to drive security and efficiency that facilitates personal data to be controlled by an individual while the verification is registered on the blockchain.


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healthcare market research

Industry Risk Assessment Engagement: How a Leading Financial Services Provider Assessed Potential Market Risks

Lower interest rates, stringent customer satisfaction regulations, and catastrophic economic incidents are some of the major pain points which have been holding back leading financial services providers from expanding their businesses. Click To Tweet

Competition in the BFSI sector has always been fierce and is only getting fiercer with scores of financial service providers ready to offer lucrative investment options. While consumer courts are tightening the noose around the service providers and occurrence of unwanted incidents, the integrity of financial service companies have been affected.

However, in the wake of digitalization, maintaining a steady balance sheet is only feasible by implementing modern technologies into the modus operandi of the BFSI sector. Technology is expected to not only ramp up operations but to also increase transparency as the customers get to handle their own finance instead of a third person. Additionally, adoption of technologies must be backed up Request Proposalwith analytics, which can foresee customer needs and tailor products and services accordingly. 

Business Issues

  • The client: Financial services provider

A leading global financial services provider approached Infiniti to conduct a risk assessment analysis of the market to determine the feasibility of investments in the BFSI sector. The financial services provider wanted to identify the potential risks it could face and accordingly adopt strategies to overcome the same while also gaining an upper hand in the competition.


How Can Risk Assessment Help Financial Services Providers?

A holistic financial services risk assessment analysis will enable the BFSI sector in taking effective and well-informed business decisions with respect to the specific risks that the market poses for such products. The risk assessment solution will also help in drawing a clear picture of the BFSI ecosystem, which would reveal the market strategies implemented by the leading financial services companies.


Summary of our risk assessment solution?

 

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Client Journey

Infiniti’s risk assessment experts have conducted an intensive research on the market across the globe, its dynamic trends, and the potential obstacles the market can pose for the client. It involved studying the market with respect to the evolving socio-economic conditions, the change in expectations of the customers, and evaluating the impact of the client’s products and services on the market. A qualitative and quantitative research conducted by the risk assessment experts was supplemented with the data sourced from integral secondary sources like paid BFSI databases, company presentations, and industry forums. Get More InfoIt helped the client in devising well-informed strategies that can effectively mitigate the market risks. 

Solution Benefits and the Business Impact

The financial services provider was able to identify the major risk factors in the market, which could potentially impede the business growth of the client. The risk assessment study enabled the financial services provider to devise an effective market strategy with a holistic focus on the market trends, the changing expectations of the customers, and the technological advancements adopted by the competitors. The market risk assessment also facilitated the client with a futuristic approach as they were able to create a backup plan to mitigate any potential risks emerging later in the BFSI sector.

The Future

With the rapid advancement of technology, scores of leading financial services providers are contemplating the introduction of more advanced modes of digitalization such as artificial intelligence and digital labor. These are expected to unravel new possibilities of business and its futuristic approach will offer insights on the economic dynamics and help the financial service providers consolidate their position in the competitive market.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the financial services market

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Infiniti’s Market Segmentation Solution Helps a Renowned Corporate Banking Client Deliver Targeted Marketing Campaigns

Amid increasing competition, declining revenues, and surging regulatory costs, the corporate banking market is planning to streamline operations to improve their overall service efficiency. Moreover, prominent corporate banking companies are redefining their business models to increase the movement of data to extract savings, improve pricing, and manage potential risks. With the relentless growth of innovations, prominent corporate banking companies should embrace digitization to stay relevant and open new avenues for sustainability and maintain consistency in their service offerings. Although the corporate banking industry is witnessing considerable growth with the presence of numerous competitors, several factors that may influence the growth of the industry include:

  • Rising regulatory concerns: Today, the corporate banking space is subjected to stringent regulations and bankers are also facing the impact of rising regulatory requirements on innovation and diversity. To cope up with the challenges, prominent corporate banking companies are investing a sizable amount of time, effort, and money to meet the compliance standards and improve their overall business performance. Moreover, prominent corporate banking companies are facing the need to manage their operations, lending policies, and taxation to scale their operations.
  • Technological risk: Out of all the concerns, corporate banking companies are facing a significant need to cope with outdated core IT systems. In this technologically advanced environment, banks need to invest appropriately in secure and agile systems to enhance their digital and mobile banking capabilities. Moreover, banks should also ensure that they offer seamless and affordable experiences to the customers while compounding the risk for cyber attacks.

To counter such challenges and segment the market based on the users’ preferences, organizations are facing the need for a market segmentation solution. In the corporate banking industry, a market segmentation solution helps companies divide the potential customersIR_RFP into specific segments and offer more personalized services to the customers.

The Business Challenge

The client, a renowned corporate banking service provider, wanted to understand and identify the latest banking industry trends and create a customer marketing mix to cater to the growing demands of the target audience. With the help of market segmentation, the corporate banking client wanted to determine the ideal way to deliver the services to the customers and focus their limited resources on improving the ROI. The corporate banking firm wanted to differentiate their products and advertising campaigns to appeal to the most profitable customer segments.

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Our Journey

The market segmentation experts at Infiniti carried out extensive research comprising interviews and discussions with key stakeholders in the banking industry. The experts also compiled information across reliable sources such as paid industry databases, trade shows, and company presentations to gain granular insights into the current trends in the market.

The Solution Benefits and the Business Impact

The market segmentation solution offered by Infiniti assisted the corporate banking firm to understand the current banking industry trends and segment their customers based on the needs, priorities, and common interests. The engagement helped the client adequately allocate their resources to personalize their marketing campaigns. Moreover, the corporate banking firm was able to target each potential customer individually and in a cost-effective manner. The segmentation further helped the client better satisfy the needs of the customers and improve their overall return on investment.

The Future

The ongoing industry regulations will encourage banks to increase their innovation capabilities and improve their online market presence. Leading banks will leverage the use of data analytics and automation, and application programming interfaces to streamline operations and generate greater revenue.


A must-read case study for strategy specialists and decision makers looking to develop a better understanding of the applications of the banking industry.

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