From retail banking to complex financial services, the customer relationship in this sector is being redefined. Financial products, payment and credit facilities are changing while mechanisms such as electronic wallets become mainstream. To make these facilities successful, a new ecosystem must be adopted by many actors and accepted by customers.

Confusing and opaque financial products attract actors who offer customers attractive new financial services. What’s more, big names in retail, transport, and mobile integrate their products with new payment and transaction services. These new players establish financial relationships with customers, creating a confusing landscape for all involved, and especially customers.

The financial sector integrates with a wider ecosystem of retailers, service providers, technology and people. Putting financial services in the centre, blinds providers to the fact that it is not the product or transaction that is important, but what this represents in the context of the customers’ wants and needs.

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