The finance and insurance industry has dodged disruptive innovations for a long time. But now, like many others, it faces a major change: digitization. Although the digital age only started a few years ago, the speed with which new technologies are created and outdated is enormous.
Digitization is creating useful trends that have made life easier for both customers and businesses, as well as many challenges associated with the accelerating pace of new digital innovations.
Keep up with FinTechs
Especially for established finance and insurance companies that have emerged in an offline world, the transformation to a digital enterprise is challenging and challenging. Mainly regarding the size and solid structures, fast changes are impossible. In contrast, FinTechs have emerged in a digital world and are competing with market leaders with new business models. Their advantage lies in their flexibility to react to new things. If you compare FinTechs with major corporations, they look a lot like a sailboat compared to a cruise ship. As a large company, this means staying up to date and implementing innovations.
How to be innovative
Which innovations should your company implement? What trends can you use to meet the needs of your customers better? How can large, established corporations become more flexible and agile?
Find out how your business can be fit for a digital future. Read more in the innosabi report Agile Innovation in the Financial Industry.