The state of technology and customer expectations are constantly in flux which means companies need to be aware of these alongside general business trends and adapt in order to survive in the long term. Is your business ready for change?

Data control

Customers are becoming increasingly aware of the importance of their data, the value it has to businesses and how easily it can be exploited. Alongside this, regulators have clamped down on how companies can obtain, use and distribute data which makes it all the more important for them to be extra vigilant towards getting it right. To target this, more and more companies are thinking of incentives and focusing on engaging content to encourage customers to allow them access to their data.

Seamless transactions

With more choices available to customers than ever before, businesses will need to adapt to remain modern and relevant in order to avoid getting left behind. Customers appreciate fast, seamless and personalised service and optimising their user experience is vital in keeping their custom. With this in mind, customer service is a top customer priority, and this cannot be replaced with a truly automated service. This means the development of human interactions alongside current technology is essential.

Economic accountability and philanthropy

Due to the significant increase in choice, consumers want more from the services they use. As the younger generation are becoming increasingly engaged in philanthropic causes, they want to ensure that the companies they work with uphold the same core values, practices and key messages.  Companies need to show that they are socially responsible by undertaking changes to their practices, from environmental and ethical improvement to implementing volunteer programmes and investing in future talent. More so, they need to put their money where their mouth is; actions speak volumes louder than words alone.

Major changes in traditional banking

The traditional banking model is fast becoming outdated for younger generations and they are already seeking out new, more flexible ways of banking, from taking out loans to making payments in stores. This may see major businesses such as Google, Facebook and Amazon offering their own financial services.  The shift towards digital and mobile banking is becoming ever more transparent, with mobile transactions on the up. This will see the rise of non-bank lending which offers start-up businesses the chance to get a loan from a source other than a bank, following statistics that over 80% of start-up loan requests are rejected from traditional banks.

If you’ve recently implemented changes in your business, you may be due a quick check-up on your business insurance to ensure everything’s up to date.  For a review of your existing policy with one of our specialist advisors, contact Lockyers on 01924 278222.