Research Paper On Financial Services

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“Our Next Wave research shows that consumers across all segments want to engage, and are willing to pay for subscriptions, value bundles and benefits, including price certainty and convenient access to services,” said Nikhil Lele, Principal, Ernst & Young LLP and Digital Transformation Leader in the EY Financial Services Organization.

“In the next five years, we will see both financial institutions and technology firms offering more holistic life-event based subscription bundles that will include products, advice, and dynamic financial health insights bundled together as a service.

Employees making $30,000 - $60,000 are most affected by workplace instability.

These employees would gain the most from employer provided benefits.

And while data sharing signals customers place trust in their financial institutions, data-sharing is not a one-way transaction; as with any value exchange, consumers expect specific value in return.

A personal financial OS for consumers, driven by AI Even though the majority of surveyed consumers (83%) rate themselves as financially healthy, most still want to improve their financial health.

At the core of the platform would be AI-driven advice that contextualizes suggestions and recommendations.

The boldest firms will seek to drive alpha growth and competitive differentiation by serving as consumers’ “personal financial operating system” with integrated tools, proactive advice and intuitive experiences designed to promote financial well-being and security.

People who did not struggle financially growing up are twice as likely to be Financially Healthy as those who did.

Black and Hispanic Americans are particularly affected by a lack of generational mobility.