White Paper: A New Direction for the Future of Financial Services
By Andreas W. Hansen and Martin Gronemann
In the fall of 2016, ReD Associates and Cognizant embarked upon the most comprehensive study undertaken in recent times on the future of money. We conducted an in-depth ethnographic study of people living in the U.S., the UK and Germany, uncovering hidden truths about their behaviors, emotions and habits around dealing with finance and financial institutions. We followed this with a survey of 3,000 consumers in the U.S. and the UK to validate insights from our ethnographic study, and held multiple interviews with academic thought leaders, financial institution executives, and financial technology industry players. What we found was that consumers’ relationships with their money are profoundly fragmented and often made even worse by financial institutions today.
The Future of Money white paper, created together with Philippe Dintrans and Sriniketh Chakravarthi from Cognizant, provides an entirely new perspective on how financial services can transform their relationships with customers in a more digital future in order to regain value and drive growth. It provides new clarity on what matters most to customers, where to focus innovation and what the industry must do to ensure that digital investments deliver on what customers want.
The authors would like to acknowledge the contributions of Funke Sangodeyi, Senior Consultant at ReD Associates in New York, and Daniel Bird, Consultant at ReD Associates in Copenhagen.
Read the full white paper here.
Video from the project
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