Disruption in the financial sector is at a record-high. FinTech investments tripled to $12B in 2014, while 27% of global transactions are now on mobile devices. It’s no wonder that banks and insurers are being challenged all over by new, digital players.
These new businesses not only get a lot of investments, but also support. People, especially the younger generations, are expecting the financial sector to be the first to get disrupted by tech players. We’re seeing other industries entering the finance space with loans and insurances, new mobile payment platforms, crowdfunding, peer-to-peer lending, Bitcoin, tracking devices for personalized insurance,… the list goes on.
Some of the traditional players realise the threats very well and have started to work on their strategy to remain competitive. We have closely worked together with Argenta and Belfius, two Belgian banks, to help them with their digital transformation through our pragmatic methodology. Jo Caudron has also given several presentations at banks and insurers like KBC, AXA, BNP Paribas Fortis and Europe Assistance.
Check the presentation below to see a few of the disruptions we have picked up in the finance sector. Acknowledging the disruption is the first step, but customers want more than being able to reach you 24/7 and a better banking experience. They demand a personalized service, more transparency, better rates, instant payments and much more. You will need to take action if you want to be the one to provide this. We can help you to transform your company, contact us!