The Great Digital-Preparedness Divide

By citiesabc resources - Sep 07, 2020

New whitepaper helps FSI businesses tackle change & help businesses achieve digital transformation

A new free guide to digital transformation for Financial Services and Insurance businesses takes stock of digital preparedness in the FSI sector in the aftermath of the Covid-19 pandemic. As social distancing exposed significant lacunae, the Fincons Group's white paper analyses the digital preparedness gap and suggests practical quick-win solutions to help make up lost ground.

Even banks and insurers that started to invest in integration and modernization struggled to keep up with volumes and new demands, leaving businesses that had not started their journey to digitalisation hanging far behind. Laggards were still relying on manual processes and in-person, in-branch interactions are now playing a risky game of catch up with their more digitally-prepared competitors.

This report identifies scenarios that have been accelerated such as the need to improve UX, introduce simpler, faster onboarding and virtual video collaboration, AI powered and process automation as well as new and improved anti-fraud measures and measures them against major obstacles FSI businesses face when trying to implement them. These can typically be narrowed down to at least one of the following four categories:

  • Obsolete legacy systems
  • System fragmentation
  • Change-resistant top management mind-set
  • Lack of in-house skills

Based on first-hand experience as system integrator for major insurers and financial services organizations, Fincons Group provides a handy guide to identifying strategies and solutions that can help bridge the digital gap fast and painlessly for businesses looking to update their system without entirely rebuilding them. The whitepaper also includes a handy Q&A take-away section to help drill down on must-have digital transformation initiatives and how to make the business case internally.

Giuliano Altamura, Head of Financial Services BU, comments: “Now is an exciting time to be in IT as real-world conditions have driven FSI businesses to seriously address an issue they have been hiding from for a long time: digital transformation. The market has developed a set of solutions that can be integrated within existing systems without requiring expensive and lengthy projects to deliver results immediately. Our experience within the sector has helped us test many of these solutions on the field alongside our clients, enabling us to gain a clear understanding of what works and which solutions really are best-of-breed. We’re delighted to have formed partnerships with some of the most innovative companies in fintech to help our clients provide customers with an entirely new brand experience.”

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