Connected Consumer and the Future of Financial Services

Download or read book Connected Consumer and the Future of Financial Services written by Patrick Molineux and published by Lulu.com. This book was released on 2012-08-07 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether you pay the bills or issue them, financial services are changing. From banking to insurance to investments, financial services are being transformed by consumers who are connecting to the Internet in unprecedented numbers globally, driving 4 trends: Mobile-Mobile phones, tablets and cards are revolutionizing payments and financial processes such as insurance claims. Mobile money, notably in Africa, is a driving force. Micro-Microinsurance, microsavings and microcredit are transforming underserved markets using technology. Media-Social media and peer-to-peer (P2P) are the big disrupters, enabling P2P payments and P2P lending. Mining-Enterprises and consumers can mine the vast troves of structured and unstructured data for financial insights. Data can completely redefine risk. Financial services firms must explore the connected consumer for their business. Consumers must understand how financial services are changing and their role in that change.