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.”
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Financial Services Advisory Digital Leader, PwC US
Tel: +1 (617) 530 7223
US Assurance FinTech Leader, PwC US
Partner, Digital Banking and FinTech, PwC US
Tel: +1 (415) 498 7075
Global Growth Strategy, US Financial Services Practice, PwC US
Tel: +1 (312) 298 6823
Leader, Financial Services Institute, PwC US