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In the next 10 years, financial institutions will face greater competition, but with it comes greater innovation and growth to reward customers. The financial services industry of the future will revolve around real-time data and new technologies that help banks better serve their clients by personalizing the customer experience. Data will be plentiful, and AI and the Cloud will take center stage.
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Leading financial institutions—from banks to insurance companies to wealth management firms—are embracing (and investing in) widespread change. The ultimate goal: shed operational rigidity and siloes to create a more nimble, intuitive, connected, and efficient organization. But getting everyone (and everything) to work better together is easier said than done.
Massive change has been underway for some time across the industry. Fintechs disrupted tradition, introducing consumers to new ways to get the services they need. They taught the industry that access does not have to be a point of friction, changing consumers’ expectations about the speed and convenience of services. It ignited the flame to digitally transform how the industry conducts business.
Then, along came the unprecedented circumstances of recent events. The abrupt and widescale disruption to normal patterns of everyday life forced institutions to swiftly shift gears on multiple levels: finding new ways to interact with customers, enabling employees to securely work remotely, and delivering services that customers needed urgently. It put into clear focus how digital fragmentation and silos across the middle and back office are hindering change.
Swiss Re Customer Story is one of the leading reinsurance companies. A conservative reinsurance company, Swiss Re embraced trailblazing ServiceNow solutions for digital transformation—evolving beyond ITSM to enterprise management and insuring a next‑gen experience for employees and customers.
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