The financial market isn’t your grandpa’s fuddy-duddy paper-pushing bank anymore. Instead, it’s a fast-growing market with fintech & banks moving at breakneck speeds. Very soon, branches and operations centres could be staffed by robots instead of humans, and customers could be taking financial/insurance advice from an AI app – across currencies, borders and with just a few taps of a screen.
On the 10th of March 2021, Meiro in partnership with ADA Consulting held a webinar that shed light on the current and future disruptions in the BFSI space and shared tips on navigating through it.
Key trends in digital disruption
Keith kicked off the webinar with a short presentation on the trends in digital disruption. The first trend was the shift to digitising onboarding to financial services, that due to COVID, was soon becoming non-negotiable. The second trend was striking a balance between financial inclusiveness and creditworthiness, which brought solutions to unbanked individuals and SMEs. The proliferation of Insurtech was the third trend with new audiences demanding convenience, speed and seamlessness from insurance products.
Which trends are going to stick with us
Pavel answered that the transformation of going from the collection of fingerprints to digitised KYCs with selfies and transforming the customer experience of counter interactions into a digital interface would be one such massive digital impact. In addition to using data to assist credit scoring and the consolidation of financial services into super apps that could create better customer experiences.
Keith mentioned that organisations should look at more non-traditional financial roles that could bring behavioural changes to the organisation culture such as data scientists and IT professionals. On the tech side, Keith spoke about un-siloing data to complement cross-selling and upselling efforts.
Manish then offered his take on how AI & Machine Learning could lead the way, talking about how data led the way – financial organisations should realise and activate the power of their data. He stated that the first step of owning cleaner, richer data was vital to machine learning, and only then could ML lead to predictions and improvement of systems.
Watch the webinar
Read the summary, but want the whole experience? Dive deep into the discussion with the whole video of the webinar here: https://youtu.be/11t4TfGhQ0A
