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FRIDAY Five: 5 Biggest Challenges in the Finance Sector in 2018

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Being involved in the financial sector is like riding a roller coaster. For anyone with investments, be it in the form of property, pensions, or other savings, they’re right alongside financial professionals on the ride, whether they like it or not. What are some of the challenges that have been top of mind for financial professionals and their clients? Read on to learn about the biggest five.

1. Tuning in to the right channel

Navigating the social media landscape is always tough – striking the right balance between providing customer service and building a brand is no easy feat. If you’re looking for a certain kind of presence from your bank or financial professional, let them know so they can deliver what you’re looking for.

2. Changing how we interact

Digital engagement is only the beginning; there’s a wealth of information to be gained from how people behave online to help figure out how is best for the financial sector to communicate with customers. There’s so much data and new technology that it’s hard to discern what will be helpful now versus long-term, or what needs significant planning and budget to implement. As financial institutions mine through the information, it will become clearer what works for customers.

3. Testing trade finance

March 2019 sees the full implementation of trade finance risk-weighting, so businesses are busy preparing for any changes that may be headed their way. Some of those changes may necessitate creative solutions to make up for any additional expenses, which might mean the extra costs will trickle down to customers in the form of capital requirements and increased scrutiny. Do what you can to be prepared for the heightened measures of success in the upcoming months.

4. Dealing with disruptors

Fintecs and other challengers in the financial services industry have quite the reputation within the sector. These disruptors pride themselves on being the opposite of a traditional high street bank, but they’ve had their fair share of issues and they’re still in business, so they must be striking a chord with some people. So too, are the big players though, so these challengers do have a long way to go before they pose any true threat.

5. Open Banking

Second Payment Services Directive (PSD2, aka open banking) opens up a whole new world for banks. They hope to become the place to go for Payment Initiation Service Providers (PISPs) that are looking for an easy experience from a respected institution that is known for quality service. By simply operating as usual, banks may find themselves winning new and returning customers alike.

How do you think your financial institution faired this year?

As 2018 draws to a close, it’s important to do a quick evaluation of your financial situation with a financial professional. Make it a priority to set up a meeting with your trusted advisor to review the closing year and come up with a new plan for 2019.

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