The 2017 Digital Trends in Financial Services and Insurance report explores the effects of digital disruption in the sector, providing guidance to organisations that want to stay ahead of the curve.
It highlights the key digital trends, challenges and opportunities which FSI marketers need to be aware of during 2017, covering topics ranging from customer experience and mobile to data-driven marketing and personalisation.
The research, conducted by Econsultancy in partnership with Adobe, is based on a sample of almost 850 FSI respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.
The following sections are featured in the report:
- Fintech is leading the FSI chase
- Putting the customer first
- Red-taped data leads to innovation
- The opportunity and challenge of AI
- Actionable tips to help future-proof your FSI business
- The FSI sector has historically lagged slightly behind other sectors in terms of digital capabilities, particularly in insurance. This is still the case; 9% of FSI organisations claim to be digital-first, compared to 11% across all sectors.
- Targeting, personalisation and customer journey management are the highest priorities for FSI marketers in 2017, and 55% plan to increase investment in personalisation in 2017.
- FSI companies are 6% more likely to rank data-driven marketing as a top-three priority than their peers in other sectors. More than half (53%) are increasing their investment in marketing analytics in 2017.
- Digital-first organisations are nearly twice as likely to rank data-driven marketing as a top strategic priority (26% vs. 14%), illustrating the importance of data’s role in digital transformation.
- Over the past couple of years, the forefront of the industry has been delivering digital-first and mobile-only banking and insurance platforms. In 2017 and onwards, the forerunners are likely to be those utilising artificial intelligence (AI) to further improve the customer experience, such as robo-advisors and chatbots.