Plan D – Digital all the way: How financial service providers can protect their livelihood with end-to-end digitization
Banks and insurers have some of the greatest digitization potential of all, given that they have been collecting, processing and connecting data on clients and transactions since the year dot. Yet many financial service providers are having trouble consistently and thoroughly digitizing their business processes from end to end. Customers are still confronted with paper application forms, manual processes and procedures and correspondingly lengthy waiting times, and their needs are not addressed at an early stage.
And the consequence? New, technology-driven providers (online platforms, FinTechs) are cornering certain segments of the market with customer-friendly digital services, while the established financial service providers are falling behind the competition or even being forced out of the market. Finance brokers' share of the market for mortgage lending has more than doubled since 2010, rising from 17 to 35 percent. This is one of the findings of a new study, "Plan D – Digital all the way: How financial service providers can protect their livelihood with end-to-end digitization", in which experts from Roland Berger analyze the industry and present the steps the established financial service providers need to take now in order to successfully achieve digital transformation.