Conversations with digital leaders

Over the course of the last weeks I had the chance to meet with digital leaders in several European financial services companies. Discussions reinforced much of our research:

1. Digital is the new reality. Digital is already the primary channel for servicing transactions (e.g., enquiries) and is fast becoming the primary sales channel for many products

2. Complex products don’t transfer well to a digital world. Products such as life insurance that rely on face-to-face interaction may lose out to alternatives

3. Ramping up digital capabilities is expensive, and aggressive cost cuts in other areas are needed to create headroom. Some banks have closed 50% of their branches for example

4. IT budgets need to increase.  Legacy systems remain a headache for everyone

5. Digitisation drives centralisation. Apps drives unprecedented standardisation of products and processes across countries, potentially disempowering local leaders

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