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By Teamspirit on Tuesday, 6 March 2018

This sixth instalment of our trends mini-series looks at the shift from owning to renting facilitated by technology, creating a totally new concept of access-led ownership.

Our world is changing. With overcrowding, waste and pollution all in the public consciousness, we are moving to a closed-loop economy, with the eradication of waste an important theme. At the same time property prices have been rocketing and single-person households increasing. Technology too has had an impact. Services such as Netflix and Spotify have eradicated the need for the physical CDs and DVDs. There’s simply no space, nor is there any need to store stuff.

And that shift, from owning to renting, has created a totally new dynamic. 2018 will underline that consumers have happily adopted a subscription model. The winners in this new landscape will be those providing uninterrupted quality and continuous improvement, by demonstrating an attentive approach and truly personalising the experience for each customer. Who hasn’t been impressed by Amazon’s purchase suggestions based on our own likes?

With consumers getting comfortable with shorter-term use, the days of the lifetime product may be over. Motor insurance is already available by the hour through Cuvva. Nod in Australia is providing financial advice on demand. That’s a long way from the ‘relationship’ paid for and implicit in fees. Anything that’s based on a fixed price or term could be subject to change.

Implications for financial service brands:

  • The concepts of ownership and long-term relationships are being redefined

  • Tech is enabling insurance to be costed on a highly individual basis. Expect to see similar, usage-led approaches being adopted in other financial services sectors

  • The winners will be those who demonstrate an attentive approach and truly personalise the experience, with each and every interaction

This blog is taken from our whitepaper on trends in financial services, marketing, PR and tech, ‘2018 and beyond’.

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