It’s time to face the elephant in the room: what will you do when BigTech starts selling financial services?
Google and Amazon don’t underwrite policies. They don’t have agents driving new business. They aren’t considered part of the financial services industry. But in one key area, insurers and banks are going head-to-head with the biggest players in the tech game.
Customer experience counts. A generation of consumers is growing to expect instant gratification, and financial services organisations aren’t meeting their needs. Omnichannel, always-connected consumers aren’t grading on a curve just because the financial services industry is slow to modernise.
When today’s consumer experiences long underwriting cycle times, poor agent communication, policy administration hassles, or drawn-out claims processes, they notice: according to Capgemini and Efma, only 25.7% of Gen Y and 28.6% of tech-savvy customers said their insurance experience was positive.
It’s time to face the elephant in the room: what will you do when Big Tech starts selling financial services?
Nuxeo recently surveyed 100 financial services institutions to determine the biggest challenges facing their current information systems. In this guide, you’ll discover which modernisation struggles are most common across the financial services industry and how to navigate technology challenges while avoiding common, costly pitfalls.
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Published at Thu, 25 Jun 2020 13:00:37 +0000-White paper: The biggest threat to the financial services industry is BigTech