Seismic changes in UK policy and legislation could be negatively impacting the UK financial service industry’s ability to build a globally competitive digital customer experience.
According to an international study commissioned by identity data intelligence specialist GBG and conducted by Forrester Consulting, the UK financial sector is lagging behind China, Singapore, the US and Australia in adopting new approaches to authenticating customer identity.
The findings show that 84 per cent of UK financial service firms are concerned about their ability to identify customers but UK firms are less focused on new technology solutions to address this, and appear more inward-looking, more focused on cost-control and less inclined to invest in new technology than their global counterparts.
Major regulatory changes this year including Open Banking and GDPR, as well as ongoing Brexit negotiations, are impacting the sector. At the same time customer expectations continue to rise as a result of digital empowerment and great experiences from the likes of Amazon, Apple, and Facebook.