Financial Services

The financial services sector has undergone systemic changes in its effort to adapt to changing market and regulatory dynamics. Shifting consumer expectations along with increased transparency and commoditization of products have resulted in shrinking margins. This has made it imperative for financial institutions to innovate in an attempt to differentiate themselves and unlock greater customer value. All aspects of the old business model including sales and distribution channels are evolving and organizations are looking to build new ecosystems to reach out to a larger market segment while retaining the necessary trust quotient with their customers. Asset managers in particular are looking at new innovative products to keep up with changing customer expectations in an attempt to boost margins.

India’s banking sector represents a wide range of banking and financial services provided to domestic and international operations of Indian corporations as well as local operations of multinational corporations. Driven by increased competition and a growing demand for consumer banking services, Indian banks in search of higher market share are finding innovative ways to increase their penetration into the low and middle-income sectors.

The insurance sector has been given a new lease of life due to relaxed regulatory requirements especially in categories like pension products. The rapid adoption of high speed Internet has made the online platform a viable alternative channel for various products. Going ahead, the overall customer journey from right advice to purchase and claims experience would be the deciding factor for purchase decisions.

This environment of rapid innovation and considerable churn requires visionary leaders who are capable of leveraging new developments to differentiate the organization from competition while generating greater value.

Against this backdrop, Longhouse consultants help organizations find the right leaders with the necessary financial acumen to lead this crucial function.

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