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data total wellness ecosystem

New Business Models Reflecting the Financial and Physical Wellness Convergence

  • Date

    March 2021

Establishing total wellness ecosystems with totally new cost structure and engagement channels

The world is moving towards a total wellness ecosystem that provides holistic solutions around the user. This is driven by technology, regulation, and changes in customer mindset and expectations (tied closely to socioeconomic and demographic trends). Successfully adapting to such change requires developing new business models and engagement channels that intelligently leverage data.

Financial institutions of the future will seamlessly embed and adapt to consumers’ changing life stages through more timely preventative “solutions”, which is the next step to current protection products. From consumers' perspective, financial and physical/mental health are intertwined in contributing to their well-being, and inability to provide holistic solutions risks losing relevance. As consumers’ data is shared across previously siloed functions and industries to better engage and help the consumers, so will new products and delivery channels arise. In this context, building an adaptive open ecosystem is critical to not only competing effectively but also to grow new addressable markets that cut across industries.

Financial institutions would require the following building blocks

(i) New distribution channels built on ecosystems that engage and delight consumers more frequently; (ii) Infrastructure that massively reduce product manufacturing cost and accelerates delivery time; (iii) Applications that enhance operational efficiency.

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