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.
Fortunately, traditional financial services firms have an advantage. Comprehensive data sets can be paired with modern cloud technology to quickly personalise existing and new services, deliver better experiences and create opportunities to extract additional value at whilst reducing risk and cost. Firms can compete and thrive even as traditional income streams remain depressed.
However, success will depend on how effectively banks and insurers can deploy this technology. It will involve bringing both technology and business leaders together to recognise the opportunity to rethink their business and operating models. Unless historically slow industries accelerate their technological development, they will miss the opportunity to capitalise on the data they hold and risk losing relevancy to customers.
The Financial Times, in partnership with Publicis Sapient and Google Cloud, have presented this executive webinar session that examined the 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.
From experts that have proactively leveraged their data sets to maximise customer retention
How to speed up the delivery of cloud technology’s benefits, even in the highly regulated sectors of banking and insurance
How to encourage stakeholders to recognise the threat of customer attrition
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