Published 16. Dec. 2016
[Report] Disrupted: Executive Perspectives on Banking and Insurance
Based on responses from 635 decision-makers from Europe and Southeast Asia's largest banking and insurance organizations, the report is a quick study on how the formerly immovable industry has finally been disrupted.
Globalization spares no one, not even the ultra conservative financial services sector. Everything is changing fast — from the playing field, rules, players, down to the customers — the stakes are higher. To stay alive and compete, that is to retain customer interest and win loyalty, companies must start playing aggressive offense, not just defense.
Key Report Takeaways:
- In Uncharted Territory – Financial services sector has traditionally been an industry with high barriers for entry. As globalization and new technologies continue to break industries into smaller entities, cracks begin to appear everywhere, even on the untouchables like the financial services. Today, it’s lost its safe zone and is now forced to compete in a new environment.
- Increase and Decrease – Most financial services executives are positive about their growth prospects, with new products and services development as the strongest source for growth. Simultaneously, the effects of digital service models and automation are starting to be felt, as a third of decision-makers confirm that their employee count will decrease within the next 18 months.
- Investing in Customer Experience – The large banking and insurance organizations’ investment priorities are in process automation and business development for customers. Financial service organizations attempt to take an outside-in perspective to create the products and services that customers value. Still, many organizations struggle with customer experience-related issues.
- Behaving Like a Startup – Preparing for disruption and future competition is a two-fold path. Incumbents in the industry need to be able to build an agile and startup-like operating model and organizational structure, like those of their FinTech disruptors. Success also requires a significant amount of attention on customer and user experience — which is in the core of new entrants.