The 2017 State of Digital Transformation in Financial Services report, produced by Econsultancy in partnership with Adobe, explores how digital is changing the competitive landscape across financial services sectors, with a focus on retail banking, investment and insurance.
The report, which is based on a survey of more than 400 marketers, discusses the challenges and opportunities that the digital shift presents to marketers in this sector.
When disruption happens in the financial services industry, it can reshape organizations to their core. With the explosion of new technologies like AI or platforms like mobile, businesses in financial services are expected to incorporate convenience and ubiquity into the experience they offer. This is easier said than done. In this report, we see that more than 40% of FSI businesses worry about appealing to their new generation of consumers.
What’s the cause of this concern? Customer expectations that have risen as technology has enabled consistent and convenient experiences. In most sectors, consumers can get what they want, when they want it, with little friction. That sets the bar for FSI and much of the industry is struggling to keep up.
Ten years ago, mobile phones were merely telephones on the go. Today, mobile devices, sites and apps are people’s connection to everything. A multichannel customer experience is the new normal.
That gets to the root of what this report examines – who are the digital leaders and how do they differ from the mainstream? How do these differences manifest across retail banking compared to insurance and investment businesses? Most importantly, what can leaders in any kind of FSI company learn to help their transformation programs?
The following topics are explored in the report:
- Outlook on the future of digital in FSI
- The budgetary future
- The differing effects of AI on the subsectors of financial services, investment and insurance
- Focus on banking innovation
- Digital activation and support of agents/brokers