Making Account Opening Digital Transformation Successful in financial services companies or any other industry for that matter is not an easy task. The statistics about the success rates of digital transformation projects range from 50% to 84%. As we all know by now, everyone is doing digital now, and nearly [...]
Nothing seems to scare insurance executives more than insurance industry commoditization. They fear that their companies will be relegated to the status of discounters; peddling bare-bones products at the lowest price with little or no service provided. These concerns are reinforced by the auto insurance market; where the Berkshire Hathaway [...]
What are the insurance industry future trends that will shape the landscape for years to come? In one word - digital. Of course, there are other insurance industry future trends that will have a significant impact - from demographics to regulations, from technology to unexpected competitors. The emerging technology and [...]
Annuity products have two phases, which are the accumulation phase and the payout phase. Annuity products usually offer options for the payout phase to receive the value of the payout as a single lump-sum payment, as a systematic withdrawal, or as an annuity payment. If the payout method selected is [...]
The application of artificial intelligence (AI) in the insurance industry is already ongoing and will substantially increase over the next decade. The expansion in the use of AI in the insurance industry comes from the trends of increased automation, data mining of “Big Data”, and analysis of information retrieved from [...]
Wealth reporting is coming out of the dark ages and into the digital era. Long gone are the days when wealth management reports were simply statements of a client's transactions during the previous quarter. Over the past decade, a growing number of wealth management firms have embraced reporting as a [...]
Millennials, adults aged 18-34, number more than 75 million in the United States in 2016. (Source: Pew Research Center.) What Millennials expect from their financial firms is, in some cases, very different from firms' traditional business models. In order to adapt, financial firms need to bridge that expectation gap. As [...]
There have been a variety of challenges that face the banks when it comes to updating core systems in favor of technology that better meets customer demands and security standards. It is clearly to the institution's benefit to explore newer forms of technology, but each back has their own set [...]
The emergence of telematics as a data gathering tool for individualized pricing hold promise for the insurance industry. User-based insurance (UBI) has allowed auto insurers to more accurately track driver behavior, analyze risk, and fairly quote auto insurance products. The data derived from in-vehicle telecommunications devices also provides a basis [...]
As anyone who has been part of the financial services world for any length of time can attest, the regulatory landscape for broker-dealers and investment advisers is markedly different today than it was just 15 or 20 years ago. Over that time period, firms have had to adapt to changes [...]
