In response to market trends and growing consumer expectations, financial services firms are turning to the cloud to revamp their operations and transform the way they work. Like many new technologies, the cloud involves tradeoffs. Financial services firms should balance security and regulatory compliance with innovation, efficiency, and creating moments of customer delight. But what…
Banks today know that if they want to win on customer experience, they have to leverage powerful digital technologies to strengthen their overall customer experience to meet and even exceed customers’ increasing demands and expectations. Technologies like application programming interface (API), blockchain, and artificial intelligence (AI) are changing the industry and unlocking the potential for…
The remarkable power of Straight-Through Processing in insurance Imagine that someone was just in a car accident. They load up their insurance carrier’s mobile application on their smartphone. The app directs them to take pictures of the accident. After these are uploaded, a pre-trained automated model assesses the damage to the vehicle, confirms that the insured is covered, and…
The limits of partial process automation Process automation is rapidly moving from competitive advantage to table stakes in the insurance industry and beyond. It’s estimated that spending on automation will reach $98 billion by 2023—more than double today’s level. For insurers, looking ahead the big question is how to automate at scale. But there’s an elephant in the room. Automation deployment in insurance so far has focused on…
Digital technology has transformed just about every industry, changing the way we interact with products and services across the board. That same disruption is happening in financial services, with digital rapidly becoming a key driver of value for financial services (FS) firms. As consumers increasingly interact with tech in other parts of their lives, their…
Navigating the Transformation to Sustainable Growth As financial services customer expectations shift toward an improved digital experience that aligns with other experiences in their daily lives, companies are compelled to take a strategic approach toward transformation. By meeting these customer expectations, companies are better positioned to unlock the value of cloud services―from data-driven insights to…
