The Digital Transformation in the FSI Sector: Gearing up for success in a changing market report builds on our previous report looking at digital transformation in the sector. The report aims to explore the approaches new entrants are taking and their focus on the customer experience and marketers’ responses to challenges, as well as providing recommendations on approaches to and opportunities related to digital transformation.
We carried out a series of in-depth interviews with senior executives from across the financial services and insurance industries to understand how a range of organisations were responding to different opportunities and challenges.
Companies interviewed included: The AA, Atom Bank, Aviva, AXA PPP Healthcare, Bought By Many, Lloyds Banking Group, Monzo, National Australia Bank, OCBC Bank, HSBC Singapore, Salesforce and UBS Wealth Management, APAC.
We also looked at sector-specific data from our 2017 Digital Trends in Financial Services and Insurance sector.
The financial services industry has seen more disruption in the last few years and continues to face significant challenges as new players are seizing the opportunity to enter these markets and new models emerge.
- Customer experience continues to be a major focus for marketers and new entrants are focusing on differentiating the customer experience and making the financial lives of customers easy.
- Having the right strategy and culture to deliver digital transformation is seen as essential with strong leadership from the top.
- Data is perceived as being a huge part of the digital transformation journey.
- How companies are looking to differentiate the customer experience and deliver value to their customers.
- Ways in which companies are re-orientating their focus around customers and moving away from being product-focused to putting the customer first and delivering products and services more aligned to their needs.
- The importance of earning trust in the sector and delivering more transparent services to customers.
- Practices companies are adopting to work in a more agile way.
- Encouraging a digital culture where digital is not a bolt on.
- Unlocking the value of data to understand customer journeys and behaviour to deliver more personalised and relevant communications.
- Importance of innovation starting with the customer and how companies are collaborating and partnering to drive change.
Download a copy of the report to learn more.
A free sample is available for those who want more detail about what is in the report.
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