To become leaders today, financial institutions must be more than just trusted advisors selling products — they must also help customers achieve holistic financial wellness through an experience that is hyper-personalized, engaging, motivating, and reflects their goals beyond just their finances.

The financial services industry’s ability to make user-friendly tools is nascent and facing significant challenges. It’s hampered by digital transformation of legacy systems, new complex products and operating models, and tightening regulations on consumer privacy and data. But the industry’s ability to offer user-friendly tools faces even greater opportunities, such as access to a substantial new market segment, burgeoning customer loyalty, and rapidly declining operating costs.

Firms that successfully create the right balance of digital tools and face-to-face financial wellness advice will be in prime position to lead the industry as it evolves this decade.