Digital technology has been advancing a little too swiftly for the comfort of some of the financial sector’s older, bigger
players. The rise of interest in wealth management coupled with customers’ demand for digital alternatives has forced
banks and financial institutions to accelerate their technology transformation as well as working together with expert partners. With seamless personalised customer experiences offered by the likes of Amazon, Netflix and Spotify becoming the norm, consumers are increasingly demanding the same level of convenience from their financial service providers. Investors today require not only the personal relationships and individual attention that relationship managers provide but also richer digital information, and easier access to portfolios and investments.
Skandia, the Swedish life insurance company which has been a pioneer in pension and investment advice since 1855, has ramped up its initiatives in using technology to improve the overall experience of its customers.
As the insurer strives to shift to a digitally-powered business model, one of the priorities is to increase the number of meaningful touchpoints they have with customers while decreasing the average cost of each such touchpoint. The goal is simple – developing a digital space to offer touchpoints relevant and meaningful enough to drive engagement across all of Skandia’s channels.
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