The banking and insurance sector has never seen more disruption. For banking industry, the shifts include disruptive technologies, pressures on cost management, changing business models, payments revolution and evolving regulatory change. This turbulent environment has forced traditional institutions to reorganize the way they conduct business. On top of that, client’s demands have been evolving. Many consumers seek to be met with round-the-clock personalized services. The increased transition to digital services, however, has created the opportunity to unlock cost savings and redesign core business areas through leveraging technologies.

The insurance industry is also undergoing a fundamental transformation. Even before the COVID-19 pandemic, insurers were challenged by new regulations, new technology and evolving consumer demand. To stay competitive, insurers will have to adapt to such different business environment. Insurance companies are reevaluating their strategies and diversifying their services portfolio to meet the changing needs of their customers. This may include investing in simpler subscription-based models that requires a fundamentally different approach to serve a broad suite of client needs.