NextWave Consumer Financial Services

As digitization takes over more of the financial world, consumer financial services firms will need to shift their strategies to differentiate on trust, financial health and bundled offerings that transcend product-centric selling to present more holistic and personalized value propositions. Over the next five years, we believe the consumer financial services industry will be reframed.


Value will begin to shift from the monetization of products and transactions to the productization of user experiences to monetize the consumer relationships itself.

The path forward: the reframing process should begin now

Financial institutions have major choices ahead that will determine how they stay relevant, earn more customer trust and play to win over the next five years. The future will usher in changes that will fundamentally shift the landscape and business models of financial firms. Incremental approaches to digitization, legacy modernization and new product-based offerings will yield only incremental results. In an ecosystem that will enable large technology firms to enter the competitive landscape and capture material market share, financial institutions must act now with bold purpose and clear focus. A wait-and-see approach will be riskier in the next five years as first movers stand to gain significant advantage.


Engage consumers based on shifts in their behavior and the digital reality.


Define your best business model moving forward – and where you fit in the future ecosystem.


Rebuild trust starting with transparency and more personal communications.


Accept that subscriptions and new commercial models are coming – and act boldly to develop the right value bundle.

Winning in the next wave will require foresight to reimagine the business, willingness to challenge the status quo and appetite for bold action.

The team

Nikhil Lele

Digital and Consumer Financial
Services Growth Leader

Financial Services Advisory

Ernst & Young LLP

Yang Shim

Digital Enterprise Transformation Leader

Financial Services Advisory

Ernst & Young LLP

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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.