Digital Disruption in Finance P2: Level the Playing Field in Financial Services

During the first part of this webinar series we discussed the challenges facing traditional banks and insurers with a heavy reliance on legacy systems vs the digital first ones. Both are facing greater competition from FinTechs, who are digital by design and are quickly able to spin up new services and business models. During the pandemic digital banking became the norm for many consumers and businesses. The same happened in the insurance sector. In October 2019, over 3,000 people across Europe were surveyed; 38% of respondents stated that their preferred sales channel for life insurance is digital. This rose to 54% in the early weeks of lockdown last year. (McKinsey Jan 2021). Faced with an overextension of branches across the country, dwindling demand, and continued cost pressures its crucial for traditional banks to quickly adapt and move to address the gap. Cost management is also true for the insurance industry, with research by McKinsey (April 2018) suggesting that the admin costs for ‘greenfield’ insurers is about half that of the sector’s incumbents. In part two we’ll discuss what it takes to level the playing field with digital first banks and insurers, using business intelligence and analytics to support a Service driven culture. We’ll discuss:- • Maintaining scale in a disruptive market. • Harnessing the power of business intelligence and analytics. • The importance of a Service value orientated culture. • How you can track the performance and value of your services internally and externally.