Banks and other financial service providers are facing unprecedented challenges. Not only are regulatory pressures increasing, but a new wave of financial start-ups is entering the market, using technology to transform everything from loans to payment processing. Whether it is new branch-based banking, different ways of raising finance through crowdfunding sites such as...
2014 promises to be a pivotal year for the UK insurance sector. Competition has never been greater, particularly when it comes to motor, household and travel insurance. More and more people are buying their policies through price comparison sites, rather than direct or via brokers, bringing down margins. Loyalty is at an all time low – 38% of UK motor insurance customers switched provider at...
Over the last ten years customers have become less and less likely to put up with poor service. Social media provides a platform to air concerns and the internet and deregulation of many industries has opened up a much wider choice of providers. So, if you don’t like your existing supplier it is theoretically easier to take your business elsewhere.However while switching in some industries (...
Businesses today operate in a world of ever-changing regulations with the insurance industry a perfect case in point. Companies already need to comply with rules such as the Financial Services Authority’s Treating Customers Fairly (TCF) initiative as well as ensuring the meet tightening solvency regulations.The new financial year will see a new regulation become law. On April 6, the Consumer...