SECTORS

Banking & Insurance

With many competitors entering the market, digital transformation accelerating, complex regulations and historically low rates, the banking and insurance industries must accelerate their transformation to meet market changes. Customers are looking for a personalized experience, especially when purchasing a banking or insurance product. It is essential to turn to digital to better meet the expectations of customers who are more than ever used to using digital in their daily lives, with the advent of the Covid crisis.

80%

of consumers want to interact with their insurance through digital channels

Source : Infostat Marketing

9%

of bank branches have closed in ten years

Source : Infostat Marketing

Traditionally, the banking and insurance industries have operated with conquest strategies, but today, faced with increasingly volatile customers, it is necessary to focus on loyalty and to focus its strategy on customer relations. Especially since InsuranceTech, FinTech, RegTech break the codes and propose digital, customized offers.

Moreover, due to the nature and quantity of the data they collect, institutions are facing increasingly frequent and devastating cyber attacks. It is crucial for everyone to have up-to-date and efficient cybersecurity responses to protect their customers' sensitive data. Banks are also being challenged in terms of regulations, payment methods, traceability, bitcoin, blockchain, .... Technological acceleration is a godsend, as long as it is not at the expense of trust in institutions.

Physical banking is dead, long live digital banking!

Remote banking has become the norm and the banking model is omnichannel. 9% of bank branches have disappeared in ten years (Infostat Marketing). In order to reinvent their customer relations, banks can act on their organization and improve their processes in order to meet customers' needs for immediacy and speed in a constant need for performance. The lever of process automation allows, among other things, to facilitate credit decisions, generate alert messages or simplify controls, for example. To face these profound changes, the Banking and Insurance industries must work in a more agile and innovative way to remain competitive.

Securing a digital future

In the insurance industry, AI and Big Data play a major role: they enable performance optimization, risk measurement and customer service improvement. For insurers who collect a large amount of data, the challenge is to better exploit and organize it for a simplified, complete and meaningful analysis. New business models are emerging through startups, more agile, more digital and more innovative, which insurance companies must compensate for and surpass, both in terms of services to replicate and performance to generate. Adapting faster, evaluating more, predicting risks better to optimize margin calculations is becoming essential.