# Britain’s financial system under stress amid market turmoil -analysts
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-02-27
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: UK Banks Face Deepening Stress Amid Rising Funding Costs
Meta Description: Get the latest insights on Britain's banking and financial industry as analysts warn of challenges ahead due to increasing funding costs and household
Tags: featured
Tag URLs: featured (https://financedigest.com/tag/featured)
URL: https://financedigest.com/britains-financial-system-under-stress-amid-market-turmoil-analysts-2html

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**By Clint Oram, co-founder and CMO, SugarCRM**

It may only be the first quarter of 2018, but thanks to the rapid acceleration of technology, alongside the vast array of economic and political changes taking place, for many last year may seem like a bygone era. Although change is rife in the financial industry, it’s nothing compared to the innovation transforming our personal lives.

An audit of your personal life will likely highlight the sheer scale of [technology that has been introduced in the past few years](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html "2016 – THE YEAR OF TECHNOLOGY FINANCING, THE YEAR OF BUSINESS GROWTH") and transformed our lives. Already, the use of instant [services for everything from transportation and dining to entertainment and even social interaction have changed our expectations as consumers](https://www.financedigest.com/do-consumers-want-robo-advisory-services.html "DO CONSUMERS WANT ROBO-ADVISORY SERVICES?"). We no longer buy things, we join things and, whether it’s Netflix, Spotify or HelloFresh, we use them when we need to. In fact, research by Zuora found that [UK spending on subscription services trebled in 2017](http://www.computerweekly.com/news/450427025/UK-spending-on-subscription-services-triples-in-a-year). This isn’t surprising, as the [subscription economy](https://www.financedigest.com/why-the-financial-services-sector-could-thrive-in-the-subscription-economy.html "Why the Financial Services sector could thrive in the subscription economy") makes it easier to maintain a healthy work life balance. It frees up time that may previously have been spent rushing around, perhaps shopping or cooking, so that when we’re off the clock we can truly relax.  Everything is on demand, whenever we need it.

**Blurring the lines between work and play**

It’s clear the [days in which the commute to and from the office separated your professional world](https://www.financedigest.com/covid-war-and-fed-push-world-stocks-down-for-4th-day.html "COVID, War and Fed push world stocks down for 4th day") from your private life are long gone. You can now do both around the clock, regardless of your location. While it’s great that you can access work from wherever you are, it’s also [important to remember to keep a balance between your professional and private life](https://www.financedigest.com/life-insurance-why-is-it-so-important.html "LIFE INSURANCE: WHY IS IT SO IMPORTANT?"). Remember to take advantage of the added [personal time](https://www.financedigest.com/elon-musk-named-times-2021-person-of-the-year.html "Elon Musk named Time’s 2021 ‘Person of the Year’") new technologies can offer you. Your [life can be lived](https://www.financedigest.com/how-to-live-an-extraordinary-life.html "How to Live an Extraordinary Life") as you want it or, to coin a phrase, increasingly you can “work like you live”. It’s no wonder then, that 60 per cent of city staff now have the option of working remotely, according to [Astbury Marsden](https://www.fnlondon.com/articles/flexible-working-20160912).

But how many times have you sat staring at unresponsive documents, or become frustrated as your VPN constantly fails while clients are [waiting](https://www.financedigest.com/open-finance-and-smart-ecosystems-wont-wait-for-banks.html "Open Finance and Smart Ecosystems Won’t Wait for Banks") on financial consultancy? This isn’t comparable to the instant [experiences we expect in our personal](https://www.financedigest.com/personalizing-the-workforce-experience-in-financial-services.html "Personalizing the Workforce Experience in Financial Services") lives, which brands like Netflix and Amazon Prime are delivering.

Now we’re accustomed to the truly instant experience there’s no [turning back](https://www.financedigest.com/back-to-the-land-lebanese-family-turns-to-farming-to-survive-crises.html "Back to the land: Lebanese family turns to farming to survive crises"). Our experiences of technology outside of [work means](https://www.financedigest.com/working-from-home-what-does-it-mean-for-your-taxes.html "Working from home: what does it mean for your taxes?") we’ve shifted our ideals of pace and experience. Leaps in technologies like mobile, big data, machine learning, [virtual reality](https://www.financedigest.com/vr-virtual-reality-to-sweep-the-physical-therapy-services-market.html "VR (Virtual Reality) to Sweep the Physical Therapy Services market"), quantum computing and many more are powering all these trends.

**Financial professionals working like they live**

However, while [technology in today’s](https://www.financedigest.com/financial-firms-can-use-technology-combat-todays-cybercriminals.html "How financial firms can use technology to combat today’s cybercriminals") world is having an amazing impact on consumer and personal experiences, the financial industry is still lagging behind. You only need to look around at the proliferation of desktop PCs in your office to [see how different it is to the smartphone world](https://www.financedigest.com/in-u-turn-iea-sees-world-weathering-lost-russian-oil-supply.html "In U-turn, IEA sees world weathering lost Russian oil supply") we live in outside. The instant culture of our personal lives is often absent when we’re in the office; we’re asked to forget our thumb-driven world and regress several years. Enterprise software is often bloated, clumsy and sometimes decades behind the rest of our [digital life](https://www.financedigest.com/for-refugees-in-cameroon-digital-ids-are-a-life-changer.html "For refugees in Cameroon, digital IDs are a life changer").

I believe financial professionals should be working like they live and the new generation of relationship intelligence solutions are beginning to make this a reality. This is particularly important for customer-facing consultants, where [success almost entirely depends on the customer experience](https://www.financedigest.com/remote-working-during-covid-a-successful-social-experiment.html "Remote working during COVID: a successful social experiment"). Gartner research found 89 per cent of marketers now expect to compete solely on this.

In the near future, Customer Relationship Management (CRM) tools will provide background on the customer or prospect with little input. For example, their title, where they work, their education, family information and even personal hobbies and interests. By automating the aggregation of large and diverse data sets while using deep learning techniques, the financial [industry](https://www.financedigest.com/keeping-ahead-of-network-challenges-in-the-finance-industry.html "Keeping ahead of network challenges in the finance industry") can understand customers at a deeply personal level. The below video paints a picture of how this could look in the future.

**The** [future of finance](https://www.financedigest.com/the-future-of-open-finance.html "The Future of Open Finance")

The [finance industry](https://www.financedigest.com/navigating-consumer-data-in-the-finance-industry.html "NAVIGATING CONSUMER DATA IN THE FINANCE INDUSTRY") may feel it’s not ready to implement a work like you live mantra and it’s impossible to say how quickly it will become a reality. Perhaps the best way to summarise is through a quote from Abraham Lincoln, “The best way to [predict the future](https://www.financedigest.com/covid-19-impact-on-attitude-and-heading-reference-systems-market-volume-analysis-future-prediction-industry-overview-and-forecast-2028.html "Covid-19 Impact On Attitude and Heading Reference Systems Market | Volume, Analysis, Future Prediction, Industry Overview And Forecast 2028") is to invent it”. So, if you spend your time waiting for the future to arrive you’ll find it’s already been and gone. Instead of hoping the industry will change to implement the latest technology, financial organisations must act now to ensure IT is running [seamlessly both in the office](https://www.financedigest.com/how-to-navigate-a-seamless-journey-from-cio-to-chief-customer-officer.html "How to navigate a seamless journey from CIO to Chief Customer Officer") and remotely. Only then can they truly begin to innovate.


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