{{A new breed of innovative, fast-growing next-generation companies (NGCs) \u2013 propelled by pioneering business models, ground-breaking products and streamlined customer offerings \u2013 is invigorating global competition.}}<\/p>\n
However, these NGCs are little understood and often underserved by the world\u2019s financial services industry, according to a new report released last month by the World Economic Forum (WEF). <\/p>\n
The report, Closing the Gaps: Financial Services Needs of Next-Generation Companies, lays the groundwork for closing those gaps.<\/p>\n
Due to NGCs\u2019 unique characteristics \u2013 high growth, never-before-seen business models and multi-country operations \u2013 their financial services needs often differ from those of traditional companies. <\/p>\n
These characteristics create new challenges and gaps in accessing financial products and services.<\/p>\n
Based on primary research and World Economic Forum consultations, the report catalogues key financial services needs and potential strategies for meeting those needs. <\/p>\n
It highlights the challenges facing NGCs \u2013 from excessive compliance demands to unsuitable product features. Six categories of financial products and services were assessed in detail.<\/p>\n
\u201cThe report outlines what various parties \u2013 financial services providers, governments and regulators, and the NGCs themselves \u2013 can do to reap the full benefits of this significant area of opportunity,\u201d explained Giancarlo Bruno, senior director and head of Financial Services Industry, World Economic Forum USA.<\/p>\n
NGCs often bring needed products and services to unserved markets, and foster new knowledge and capabilities among players in their sectors by deploying new business models \u2013 offering fresh products, streamlined services and interactive customer platforms.<\/p>\n
\u201cNGCs form a burgeoning global market for financial products and services that is waiting to be tapped,\u201d said Ranu Dayal, senior partner and managing director of The Boston Consulting Group (BCG). (WEF)<\/p>\n","protected":false},"excerpt":{"rendered":"
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