A wave of change has hit the financial services sector. Banks, insurers and wealth management firms will face greater regulatory uncertainty, tightened profit margins, increasingly empowered consumers, and the entrance of disruptive competitors.
To help financial service firms understand the process of digital transformation, AmCham Taipei’s Banking Committee invited Fred Giron, VP and Research Director at Forrester Research, to share his insights at a seminar held at the Chamber’s Lincoln Room on April 11.
In his presentation entitled “The Future of Financial Services,” Giron gave an overview of how digital technologies have changed the way consumers and businesses interact with each other. In a recent survey conducted by Forrester, 50% of North American and European companies said they believe technological changes (digital transformation) will dominate business decision-making in the near future. Giron noted that financial services firms need to digitize their business strategies and choose how they will adapt to the market in order to stay competitive.
Giron outlined the four rules of digital transformation:
- Digital experience: deliver experiences that are easy, effective, and emotional
- Digital operations: reconceive products and capabilities to deliver better outcomes
- Digital innovation: continuously improve and break through at the digital frontier
- Digital ecosystems: build platforms and partnerships to accelerate and scale up
The speaker gave several case studies to demonstrate how financial service and insurance companies have digitized their service models. In these examples, successful companies leveraged their assets to generate insights and value for their businesses. He also emphasized the importance of “being the integrator” and creating value-added services that solve customers’ immediate needs rather than merely providing service add-ons.
Interested in attending our events? Join us at other upcoming events, click here.
Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.