SPECIAL REPORT: INTRODUCTION

In a world where free market capitalism is under fire, bank liquidity difficulties continue, and the public has lost trust in the traditional financial services industry, the world of personal finance is undergoing a radical shift.  The democratization of personal finance is gathering pace, redefining the boundaries of personal finance and creating a landscape where the “old” banking rules no longer apply.

In this special report we explore the changing landscape of personal finance, in which many challenges and even more opportunities are being created by global trends.  Consumer demands are shifting, new technologies are opening the way for new channels and innovations.  The “great unbanked” offer significant new opportunities for companies that can provide the right products and services.  A whole range of shapers and influencers, from regulators to social networks are changing the dynamics of influence and choice. Within this landscape new players are emerging, focused on consumer needs.  The question is who will be the winners and losers going forward?

Many non-bankers, including companies, individuals and communities, are helping to redefine this landscape.  Take for example the retailers, including Tesco and Wal-Mart, who are moving into financial services with brands that have far higher levels of trust than those of high-street banks.  As a consumer who wants to make smart use of their money in a tough economic environment, wouldn't you think about companies where "Every little helps" or that suggest "Save money. Live better." How about peer-to-peer lending and microfinance, which are now far beyond the realm of rapidly developing economies and taking off in the developed world?  What about price comparison sites which allow you to use your money more wisely by making complex financial investments more transparent?  Or why not just create your own local community currency?

The future of personal finance may be uncertain and challenging – but not just because of changing financial regulations in the wake of the financial and economic crisis.  The biggest changes will be driven from outside the financial services arena, because that's where you will find companies and networks that are focusing what the consumer really wants – and putting power into their hands.  

To download your complimentary copy of this special report, all you need to do is login if you are a registered user of ww.GlobalTrends.com, or register here – it’s free and easy! Then login and click on my account (top menu) and you will find the report available for PDF download.

In This Report

In this special report you will be able to explore:

• The Dynamics of Change: What are key trends reshaping the landscape of personal finance and why it is important to move beyond a focus on “industry” to a focus on “value space.”
• What Consumers Want from Personal Finance: How we could define value from a consumer perspective, what this means in terms of what consumers demand from personal finance providers and the opportunities this opens up for providers focused on the consumer.
• The Emerging Personal Finance Landscape:  At the start of this century the seeds were sown to create a new type of ecosystem around the personal finance value space – what does this ecosystem look like today, who are the new players joining and shaping the personal finance ecosystem, and what are the critical “layers” of activity which players need to negotiate.
• The New Players in Personal Finance: An overview of some of the key players and the opportunities they are pursuing, often with innovative business models focused around the consumer.
• The Implications of the Democratization of Finance: What does this mean for the consumer, in terms of the power of shapers and influencers, for businesses competing in the personal finance value space?

This special report offers a new perspective on how and why the landscape of personal finance is shifting, backed up with analysis and rich examples. 

If you are interested in who is looking after your personal finances or those of your consumers this report is a “must read.”

To download your complimentary copy of this special report, all you need to do is login if you are a registered user of ww.GlobalTrends.com, or register here – it’s free and easy! Then login and click on my account (top menu) and you will find the report available for PDF download.

Also see our follow-up special report on Retail Banking: Adapting to the New Realities of Personal Finance?

About the Authors

Tracey Keys is Director of Strategy Dynamics Global Limited. She also works with the International Institute for Management Development (IMD), in Lausanne, Switzerland. With thanks to Senior Researcher Christel K. Stoklund for her analysis and contributions.

©Tracey Keys, 2010.  All rights reserved.  Not to be used or reproduced without permission.

For more information, see www.globaltrends.com.

Comments (1)

Peer to peer loan lenders bypass bank middlemen.
written by madelineS, December 20, 2010

Peer to peer lending is what most of us are choosing over lending institutions. Well, it really has more benefits than the latter. Through it, we won't get bothered of the intermediation of the members of lending institutions and the other processes involved. Peer to peer loan providers are a market in its infancy, which help individuals who wish to obtain a loan, however wish to bypass the banks. A person, or persons, with lending capital put out conditions on a loan they would lend, and people planning to borrow money can choose who they wish to borrow from. It's a really good way for investors to find somebody or something tangible to invest in, and an excellent way for individuals to get around hegemonic financial institutions.

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