Digital is coming of Age – Is the honeymoon phase over?
Financial institutions are refocusing their digital and data transformation initiatives – not only to cope with the new ‘socially distant’ reality – but more importantly to tap into a new momentum of digitalization, as customers, employees and regulators embrace the reliability, convenience and efficiency of digital financial services.
However digital value creation is not a one-way street! In 2021, financial institutions must proof that digital transformation is not just an internal cost efficiency and productivity driver, but that they take digital customer-, and staff experiences seriously. Customer engagement needs to be personalized and contextual; security needs to be embedded and increasingly invisible; the next generation of customer-facing tools and services needs to deliver quantifiable value for customers, and digital sales must happen at a time and place of the customer’s choosing, not the banks’ convenience.
FSI must also take advantage of a new regulatory openness towards cloud, data-driven security-, compliance -, and customer engagement strategies, but heed the warning signs not to repeat the mistakes of the past. Transparency, the customer’s best interest and evidence-based compliance are the future.
For financial institutions this means the digital “honeymoon” is coming to an end. The future will require a far more balanced and genuinely customer-centric value proposition.
During the IDC Financial Forum 2021, we will discuss successful strategies to adapt to this rapidly changing world.
We look forward to connecting with you soon!
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company. To learn more about IDC, please visit www.idc.com.