The combination of new customer expectations and needs, paired with the application of new technologies enabling customization and individual customer engagement, are developing a great need for innovative and disruptive offerings and business models within the world of banking and insurance.
Players from both industries are looking to better understand customer behavior to provide new services for a new generation of tech-savvy customers and their changing preferences, while still catering to the needs of an older, but financially potent part of the population.
The explicit collection of relevant data through wearable technology, industrial interconnectivity, and modern analysis tools, enables companies to monitor and forecast their customers’ needs in a more efficient and targeted manner.
However, slow-to-change business processes and organizational culture, traditional insurances and fintechs are looking to speed up their innovation processes by applying open innovation practices to create offerings beyond their existing service portfolios.
By connecting long-established competencies with innovative entrepreneurial spirit, our F&I vertical is focusing heavily on elements of collaboration between various stakeholders – innovators and startups as well as insurers and banks – to find common ground and improve their services by joining forces.