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December 19 2017

2018 Financial Predictions: Comment from SQS CEO Dik Vos

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“I predict 2018 to be a year like no other for the financial services. With Open Banking due to come into place in January and continued negotiations around regulatory changes in preparation for Brexit, there’s no corner of the industry that will remain undisturbed. However, during periods of change, it is more important than ever for the industry to be on guard to retain consumer trust.

Banks cannot afford to become complacent when it comes to customer loyalty, particularly as 62 per cent of account holders said that if their bank suffered a data breach their trust would be broken, according to recent SQS research. Banking providers must ensure customer’s personal data is robustly protected or run the risk of losing them to competitors particularly as customers become ever more reliant on technology, with 65% of UK adult consumers now using mobile and online banking applications.

In a turbulent year ahead for the sector, it will be even more important for banks to prioritise digital, online and support services for consumers, whilst implementing stringent protection mechanisms against fraud. The best way to retain trust and maintain customer loyalty is to embed quality assurance into every part of the customer banking experience.”

Dik Vos, CEO, SQS

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