Personal Financial Services Market: Introduction

  • Personal financial services is the arena of which covers managing of money as well as saving and investing. With the summary, analysis, and reporting of financial dealings pertaining to a business.
  • Personal financial services encompass budgeting, banking, insurance, mortgages, investments, retirement planning, and tax & estate planning. Whereas, it also refers to the entire industry that provides financial services to individuals and households and advises them about financial and investment opportunities.
  • COVID-19 has adversely affected the personal financial services market, due to fall in demand, lower incomes, and production shutdowns across the world. The situation is exacerbated by inadequate digital maturity, staff shortages, and pressure on the existing infrastructure as firms scramble to deal with the impact of COVID-19 on personal financial services. Hence, some banks have taken a strategic step to provide personal financial services to their customers by adopting artificial intelligence (AI) tools and conversational platforms to deal with the COVID- 19 outbreak.
personal financial services technology market

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Global Personal Financial Services Technology Market: Dynamics

Global Personal Financial Services Technology Market: Key Drivers and Restraints

  • Rising disposable income across developed and developing economies is expected to boost the personal financial services market.
  • Credit, insurance, and investment penetration is increasing in poor countries, which in turn is expected to accelerate the growth of the personal financial services market.
  • Growing awareness of wealth management systems among consumers is expected to fuel the market across the world.
  • Rising competition among banks to fulfill the needs of customers regarding their personal finance service is expected to enhance the growth of the personal financial services market.
  • Disruption in banking operations and service continuity due to lack of appropriate technology is expected to hamper the personal financial services market.

North America to Account for Major Share of the Global Personal Financial Services Market

  • In terms of region, the global personal financial services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • North America is anticipated to lead the global personal financial services market, due to increasing financial vulnerability and well established companies of North America offering a unique global proposition of financial services across the world.
  • The personal financial services market in Asia Pacific is expected to hold significant share due to rising robust banking and insurance sectors across developing countries such as China and India. This is expected to fuel the growth of the personal financial services market across Asia Pacific. In addition, the Government of India has approved 100% foreign direct investment (FDI) for insurance intermediaries. According to IBEF( indian brand equity foundation) FDI in the insurance sector can increase to 74% from 49% in the coming years,
personal financial services technology market 1

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Global Personal financial services Technology Market: Competitive Landscape

Key Players Operating in the Global Personal Financial Services Market

Local, regional, and international players are present in the personal financial services technology market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global personal financial services market are:

  • Allianz
  • Aon plc
  • Banco Santander S.A.
  • Barclays
  • Deutsche Bank AG
  • Elliott Davis LLC.
  • FIS.
  • Grupo Financiero Banorte
  • IHS Markit.
  • JPMorgan Chase & Co.
  • Morgan Stanley.
  • OMNI Financial Services.
  • PwC.
  • Standard & Poor's Financial Services LLC.
  • Standard Chartered Bank
  • The Hongkong and Shanghai Banking Corporation Limited
  • The IF Group
  • The Julius Baer Group
  • Thomson Reuters
  • UBS
  • Visa
  • Zurich
personal financial services technology market 2

Global Personal financial services Technology Market: Research Scope

Global Personal Financial Services Market Segmentation, by Service Type

  • Tax planning and compliance
  • Philanthropy
  • Lifestyle (unique) investments
  • Estate planning and compliance
  • Investment planning
  • Insurance and risk management
  • Family office service

Global Personal Financial Services Market Segmentation, by Enterprise Size

  • Small & Medium Enterprises
  • Large Enterprises

Global Personal Financial Services Market Segmentation, by End-users  

  • Retail Customers (Personal or Retail Banking)
  • Affluent Retail Customers (Private Banking)
  • Corporate Customers (Corporate Banking)

Global Personal Financial Services Market Segmentation, by Service Providers

  • Banks
  • Insurance companies
  • Credit card issuers
  • Investment trusts
  • Factoring and leasing companies
  • Unit trusts
  • Retailers
  • Others

Global Personal financial services Market Segmentation, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • U.A.E.
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Personal Financial Services Market