- 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.
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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,
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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:
- Aon plc
- Banco Santander S.A.
- Deutsche Bank AG
- Elliott Davis LLC.
- Grupo Financiero Banorte
- IHS Markit.
- JPMorgan Chase & Co.
- Morgan Stanley.
- OMNI Financial Services.
- 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
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