Persistently low interest rates, the likelihood of defaulting loans and increases in claims will continue to threaten the income of banks and insurance providers as they attempt to navigate the nascent economic recovery. These factors combined with new customer demand for enhanced experiences, increasingly met by nimble fintechs, insurtechs and challenger banks, is increasing pressure on incumbent financial services firms to deliver dynamic growth.
This Digital Dialogue, organised by FT Live in partnership with Publicis Sapient and Google Cloud, explored ways that technology executives can tackle the persistent challenge of digital income generation in a low interest, high debt environment. It discussed the ways that data can be leveraged to enhance the value and loyalty of banking and insurance customers.
Key Talking Points
Hyper personalisation is going to shift from nice-to-have, to an essential component of competitive business in financial services.
Data has to be shared across the organisation, accessible to everyone without the need to submit prohibitive forms. Data works best when it isn’t being held possessively.
Legal policies have restricted customers in the past - understanding how data can be used to enhance interactions provides the means to drive the customer’s appetite for change.
A lot of people want to be digital until they don’t - when there’s a problem with your money, complaints are incredibly personal.
Financial Services focuses on data from a regulatory lens, much more than a product or customer lens - but that is starting to change.
Our expert panel
Assistant Tech News Editor
Vice President, Financial Services
Chief Technology Officer, Financial Services
SVP, Customer, Strategy and Innovation
Senior Director, Data Products and Conversational AI