凯捷-2019数字金融服务报告（英文）-2019.4-36页_2mb

Summary: Where are banks and insurers on their digital mastery journey?

Core Content

The financial services industry, particularly banks and insurers, is undergoing a significant digital transformation. However, the pace and depth of this transformation have not kept up with the evolving digital landscape since 2012. The report highlights the challenges and opportunities in both sectors, focusing on digital and leadership capabilities, and outlines the practices that differentiate digital leaders from the rest.

Main Findings

1. Digital and Leadership Capabilities Have Not Improved Since 2012

• In 2012, 41% of financial services firms believed they had the necessary digital capabilities, but this dropped to 37% in 2018.
• Leadership capabilities also declined, from 51% in 2012 to 41% in 2018.
• Despite this, customer experience capabilities slightly improved, rising from 35% to 40%.
• Operations capabilities, however, declined from 46% to 33%.

2. Banking Leads in Digital Transformation, While Insurance Lags Behind

• Banking organizations (38%) are more advanced in digital capabilities than insurance (30%) and the non-financial services average (36%).
• Leadership capabilities in banking (38%) exceed the non-financial services average, but insurance (28%) is below both.
• Insurance firms are still catching up, with a higher percentage of beginners (56%) and fewer digital masters (27%) compared to other sectors.

3. Key Differentiators of Digital Masters

• Customer Experience: Digital masters align cross-functional teams around customer journeys and invest in customer intelligence. Banks lead in this area, with 64% creating customer personas and journey maps, while 79% of insurance digital masters offer customized services.
• Operating Models: Banks are adopting collaborative and open API strategies, working with third-party partners. Insurance firms are focusing on agility, with 63% testing ideas quickly as MVPs or PoCs.
• Culture and Governance: Banks are fostering bottom-up innovation and experimentation, while insurance firms are building collaborative governance frameworks, with 58% having a digital unit and 67% adjusting role descriptions and KPIs for digital transformation.

Key Areas of Focus

Dimension One: Digital Capabilities

• Customer Experience: Banks are more advanced in customer experience capabilities, with 53% using digital tools for customer service. Insurance lags behind, with only 35% using mobile channels and 33% integrating different channels.
• Operations: 33% of banks use data analytics for operational decisions, exceeding insurance (20%). Operational automation is growing, with 42% of insurers having highly automated operations, slightly higher than banks (41%).
• Business Model Innovation: Banking leads with 39% launching new businesses based on digital technologies, compared to 33% in insurance. Non-financial services organizations are even more advanced, with 41%.
• Talent and Organization: Only 23% of insurance organizations have digital collaboration tools for employees, compared to 39% in banking and 40% in non-financial services.

Dimension Two: Leadership Capabilities

• Vision and Purpose: Only 33% of banks and 26% of insurers have a digital vision that spans all organizational units.
• Governance: Banks are slightly better in having a digital transformation roadmap (40%) than insurers (26%).
• Technology and Business Alignment: Both sectors struggle with aligning technology and business strategies, but banks are closer to the non-financial services average.
• Workforce Enablement: Banks and insurers need to improve employee engagement and provide the right tools for digital collaboration.
• Culture and Engagement: Banks are cultivating a culture of test, learn, and adapt, while insurers are focusing on flexible governance structures.

Challenges and Opportunities

• The financial services industry is facing rising customer expectations, regulatory pressures, and competition from FinTech and InsurTech firms.
• Insurance is slower to adopt digital transformation due to traditional underwriting practices, regulatory requirements, and an older customer base.
• To stay competitive, both sectors must focus on building a digital-first mindset, investing in customer intelligence, and developing agile, collaborative operating models.

Recommendations

• Foster a culture of innovation and experimentation.
• Implement collaborative and open API strategies to enhance customer experience and operational agility.
• Invest in real-time analytics and data management to improve decision-making and automation.
• Develop comprehensive digital transformation roadmaps and align leadership and operational capabilities.
• Focus on customer-centric business models and enhance digital integration across all channels.

Conclusion

While banks are leading the digital transformation in financial services, both sectors face significant challenges in aligning digital and leadership capabilities. Insurance firms, in particular, need to accelerate their digital journey to remain relevant in an increasingly connected and tech-driven market. Digital mastery is not just about technology but about reimagining the entire business model and creating a customer-centric culture.