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The $30 trillion challenge

“My lesson for financial services brands, actually for all brands, is that delivering the best customer experience is something that technology can enable and make better. But it will always require people who are well trained, compassionate, and empowered to solve the toughest problems, money being key among them. Different customers want different levels of high tech versus high touch engagement. Technology will enhance the experience. The brands that win will be the brands that know how to use it to get closer to the customer.  With $30 trillion at stake, I’d figure out how to get really close.”

triljoenOneThis is the closing paragraph from a recent Forbes article by Allen Adamson and the full article is here for you to read.

He makes the case that brands, most noticeably in the financial services sector need to use technology as an enabler to deliver great customer experiences, as well as being able to make more tailored offerings to individual customer (and channel) preferences which I’d all agree with.

However, what’s more interesting is the $30 trillion he makes reference to. (Here’s a nice little graphic to show what $1 trillion dollars looks like in $1 bills..! as does the image above)

The $30 trillion as Adamson explains is what’s expected to be left in wills and handed down from the Baby Boomer generation to the Millennials to invest and spend. The biggest wealth transfer ever!

That’s a significant amount of motivation for the financial services industry to up their game, should they choose to accept the challenge. Time will tell.