It’s about differentiated customer experience, providing what they want, when they want it and how they want it, whether you’re a bank, insurer or asset manager. This isn’t just a matter of cosmetics. You’ll need to change your back-end operations to support it. And you’ll need to think differently about how to solve problems. Technology isn’t a silver bullet.
Business models open up. The need to balance openness and protection in a connected world will continue to be a major theme. By opening platforms to third parties through application programming interfaces (APIs), firms can unlock value from data, create synergies with partners and develop new cloud-based services more quickly. We expect this to accelerate, with firms thinking more about how they develop, manage and secure APIs.
Rise of voice as a channel. Many financial institutions will launch, or build out, virtual assistants. This goes far beyond technology. In designing bots, firms make branding choices that go to the heart of customer experience. Insurers, for example, might use real-time sentiment-monitoring tools to create “off-ramps,” directing customers to human agents when appropriate.
Digital help. Technology is rapidly reshaping the financial services workforce. Digital tools can do more of the “heavy lifting,” freeing up staff to concentrate on more complex and value-added functions. This transition may not always be smooth, but we expect to see firms paying more attention to how humans and digital labor can work alongside each other more effectively.
“It’s not just a technology issue. Financial institutions will need to grapple with big changes to their operating models as they transform their businesses.”
Our teams in asset and wealth management, banking and capital markets and insurance are helping our clients tackle the biggest issues facing the financial services industry. With professionals across tax, assurance and advisory practices, we can help you find ways to thrive even in a period of uncertainty. Whether you're preparing for regulatory changes, putting FinTech/InsurTech to work or rethinking your human capital strategy, we work together with you to resolve complex issues, identify opportunities and deliver value to your business.
Financial Services Advisory Digital Leader, PwC US
US Assurance FinTech Leader, PwC US
Partner, PwC US
Global Growth Strategy, US Financial Services Practice, PwC US
Leader, Financial Services Institute, PwC US