The Top 3 Digital Imperatives for Insurers
Insurtech firms have caused an upheaval in the insurance industry. It's about time for insurance incumbents to take a fresh look at how to apply new digital capabilities.
The competitive landscape in the European banking market has changed significantly particularly because of recent regulation favouring new entrants. This means competition is at an all-time high for incumbent banks.
Threats EU incumbent banks may face include:
Despite this, in our in-depth research with 300 senior banking leaders across the EU, only one-third of incumbents recognized the threat that the Revised Payment Services Directive (PSD2) poses to their business.
What to do then? Incumbents that embrace a new model of banking – one that focuses on cultural and digital transformation and a customer-first approach – can become resilient to this new threat landscape. This report, based on a Cognizant sponsored Longitude Research survey on threats facing the banking industry and how to adapt, offers a framework to build a successful future for incumbent banks.