New Efma review highlights how banks and insurers are adapting to an uncertain landscape

Efma’s latest Review looks at the innovations from the past year across the banking and insurance landscape. Executives and leaders from around the world highlight how they are employing the latest digital technologies such as AI, blockchain, chatbots, mobile apps, and open APIs to prepare for the future.

New Efma review highlights how banks and insurers are adapting to an uncertain landscape


Efma has released the latest edition of its yearly review series that looks at how major retail banks and insurers are crafting their digital strategies of the future to adapt to the evolving financial services landscape. Efma Review 2020 is packed with insights into the latest banking and insurance products, offerings and customer experience developments. It contains a wide collection of exclusive interviews, case studies and innovation overviews that show what is driving institutions to place innovation at the center of their operations.  

Key executives from organizations such as Allianz, DBS, Emirates NBD, Santander, and more discuss how high levels of digital and mobile technology adoption and intense fintech activity are driving transformation efforts in developed and developing markets alike. They reveal how changing customer habits are forcing them to transform their business models for a digital present and future. Using artificial intelligence and machine learning, companies are ramping up their focus on personalized services. These are game changing technologies that will continue to change the way financial services are used and delivered.

Beyond those technologies, institutions are looking to a future that will be very different from the past due to the COVID-19 pandemic. From workforces to business models to payments, the events of the past few months have forced serious reassessments of the way business is done. This report highlights the institutions that are best-placed to come out of the current situation in a stronger position. It also includes expert POV that can help inform the strategies of decisionmakers. The pandemic has served as a catalyst for further digital dependence and the choices made now will determine the success of everyone in the industry.

“We want to thank the Efma members from all over the globe who contributed their experience and insight to our Efma Review 2020,” said John Berry, CEO of Efma. “As people will see in the report, all players, large and small, recognize the importance of collaboration and innovation in order to keep pushing the industry forward. There is great uncertainty in the world right now. But one thing is certain: developments and transformations at these institutions will be crucial to the global economic recovery that will soon begin.”

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Keywords

Business strategy/Model Insurance Products & Services Bank Products & Services

Geography

International