Some 53% of insurance and banking institutions expect to increase investments in transformative initiatives over the next year, according to research by Accenture.
It reveals that these ‘change programmes’ will be implemented primarily due to digital disruption, cost pressures, new regulations and increased customer expectations.
In addition, it shows that firms are looking to big data, analytics, mobile, the Internet of Things, and cloud computing to deliver the change, but that legacy systems, and organisational complexity are acting as adoption barriers.
“Most financial services companies are looking at new business and operating models that use digital innovations to adapt to new customer expectations and to ward off aggressive new competitors,” Accenture managing director, Andrew Woolf, said.
“Companies with strong change leadership capabilities and adaptable workforces will be hard to beat; those without them will increasingly struggle.”
The research included a survey of nearly 800 financial services executives across Europe, Asia and North America, finding that big data and analytics is considered the most important technology for delivering their ‘change programmes’.
How important the different technologies are rated is shown below:
The research shows that institutions’ ability to scale up and benefit from these technologies varies, with those that have a strategic approach to digitalisation, and strong leadership, better prepared.
Accenture suggests that firms should:
“Players in financial services must embrace innovation, increase their agility to cope with disruption, and make wise investment decisions about their change programs in light of their businesses today and in the future,” Accenture managing director, Andy Young said.
“The biggest shift for the industry will be toward putting customers and colleagues back at the heart of change.”
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