In recent years, the world of Financial Services has undergone profound transformations in terms of size, services, specialisation, organisation, and relations with its customers and market players.
By becoming increasingly large and/or verticalised organisations, financial and insurance institutions have started to go beyond ‘just finance and insurance’ and offer innovative services to retain customers and, at the same time, attract new ones.
The financial industry has profoundly changed its DNA, seeking to make diversification and inclusion a strong point.
“Diversity” needs to be supported and accompanied by a process of Digital Transformation, capable of offering services at the height of Big Tech, accessible at all times (7 days a week and H24), and able to turn the bank into an entity that can be reached from anywhere, especially from mobiles, reviewing and streamlining processes.
In this process, technological innovation is not only the primary tool for diversifying the business and innovating the organisation, but also the enabler for managing the balance between a traditional vision of the Finance world and an increasingly digital and ecosystemic one.
The competition is great (and comes from extra-banking/insurance), as is the case for all other sectors, but so are the opportunities in an increasingly open market.
Financial and insurance institutions will have to learn to invest in and communicate with various supply chains. In this way, everyone, doing their own thing, will contribute to the richness of the ecosystem.
They will have to invest in creativity and culture.
We are in an era in which it is necessary to bring together subjects, even different ones, each of which, according to their own skills, is part of an ecosystem, as we describe in our Digital Ecosystems paper� And in such phases, financial and insurance institutions have the opportunity to create these points of union before others do, such as utilities, social platforms and retail players.
In a world that wants to move beyond pure competitiveness to integration, to cooperation between equals, we at Engineering no longer position ourselves as service providers, but as partners able to
enable and accelerate this interconnection between different worlds.
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