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:
- Customer distrust and poor customer service
- Mitigation of risk in an uncertain risk and regulatory environment
- Keep up the pace of innovation in staffing, infrastructure and time to serve customer
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.
WE SEE FOUR KEY ELEMENTS CENTRAL TO DESCRIBING A BANK OF THE FUTURE:
- Digital Banking Experience
- Online Marketplace
- Simplified Infrastructure
- Trusted & Reliable
Issues and Trends in Banking and Insurance
Our Expertise
Designed and implemented a ‘whole of enterprise’ Agile program, delivering new skills and new ways of working for a leading Australian bank.
Delivered a Data and AI strategy transforming capture, use and services across enterprise for a leading Australian financial institution.
