As technology transforms financial services, who will triumph? – SAP
Article Synopsis :
The surge in demand for digitisation requires insurers to prepare themselves to operate in an environment where humans, data and technology seamlessly interact to deliver great user experience in real time.
In the e-book “The digital evolution: As technology transforms financial services, who will triumph?”, SAP shares highlights of discussions from their recently held Financial Services Forum in London. The content speaks mainly to the challenges of providing the right customer experiences, products and services.
The report identifies three dynamics disrupting the future of financial services and collectively re-defining how financial services players interact with customers:
- Financial technology (FinTech) providers, many startups, are changing financial services through innovative new delivery and consumption models
- The Internet of Things (IoT) is poised to have a major impact on insurance and banking in particular
- The rise of digital technology is re-defining the nature and power of business networks
Survival seems highly dependent on the internalisation of digital models and technology. The report suggests five realities, responsiveness to which will determine success or failure:
- Customers demand real-time service
- Firms must face the digital divide in technology architecture
- Mobility and agility is the new norm
- A true omnichannel strategy can yield big results
- Developed markets can learn from digital trendsetters
Insurers need to find ways to engage with innovators, whether in-house through innovation labs, investing off a balance sheet, funding an incubator, or direct investment. The goal being not to merely take advantage of digital technology, but to absorb and reflect a true digital ‘state of mind.’
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Digital Insurer's CommentsInsurers seeking to improve productivity, increase agility, and differentiate from competitors have little choice but to do so by harnessing social, mobile, analytics, cloud computing and IoT technologies. There is no other way.
The insurer of yesterday invested in buildings and land, physical assets. The insurer of tomorrow invests in digital assets, i.e., platforms and ecosystems capable of sensing and responding to the fast-changing needs of digital customers anywhere, anytime, on any device. Insurers able to harness the power of multiple waves of digital tech will own the not-so-distant future.
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