Banking and Insurance
The leading financial services institutions in mature economies continue to be under enormous pressure from customers, regulators and FinTechs or low cost start-ups. In Australia, customer trust in the larger banks and insurers is at an all time low, compounded by evidence of illegal practices and poor customer service surfacing at the Banking Royal Commission.
THREE MAJOR ISSUES IMPACTING MOST BANKING AND INSURANCE BUSINESSES:
We believe organisations should accelerate their transition to a ‘Financial Services Institution of the Future’ featuring a ‘best in class’ Omni-Channel experience for customers.
Most institutions in the sector have a raft of ‘digitisation’ initiatives underway. Our view is many of these initiatives lack strategic coherence, have a poor ROIC, are not delivering the desired customer service outcomes or improved risk profile and are moving too slowly due to poor skills and a lack of digital leadership.
We believe organisations should not solely focus on Royal Commission findings, but continue to modernise. It is critical to rebuild trust by increasing transparency and providing a superior customer service.