Customers´ versus Experts´ Perspective in the Insurance Industry

As consumers, we are becoming increasingly digitally savvy and channel a growing part of our communications through social media. By doing so, we are putting the businesses we interact with to a hard test, as strategies and ways to respond to this societal development are diverse and sometimes unclear. In a recent survey, the ‘Digital Insurance Monitor 2016’ (DIM), 3,000 insurance customers as well as more than 100 insurance managers from Austria, Italy, Germany, Switzerland and Turkey have been asked the most urgent questions pertaining to…

Oscillating between ‘Know Your Customer’ and ‘Know Your Bank’

In a previous post, we examined some elements of Know Your Customer (KYC) programs. Now I’m going to drill deeper into what happens when the interests and objectives of customers, banks and regulators don’t converge. In many cases, this gives rise to disconnects or the possibility of disconnects. For example, when the interests/objectives of the bank and regulator don’t converge, lapses occur. Or when the interest/objectives of the bank and customers don’t converge, experience lags. And when the disconnect is between the customer and the regulator, alternate mechanisms…

Do ‘Know Your Customer’ programs really work?

“Know me? No? It’s me!” Every time I walk into an establishment where I hold some sort of loyalty card, I wonder if “they” really “know me.” That got me to thinking about Know Your Customer (KYC) programs. More and more, financial institutions are performing KYC, not to really get to know you, but to check off that they followed yet another mechanical process. Recently, I ran into a very good friend of mine that I had lost touch with for almost 30 years. When we met…

M&A Cyber-insecurity and (Mis-)conceptions

2016 marks a record-breaking year for M&A activities. Unfortunately, it’s also another year of a large number of data breaches and hacks becoming front-page news. CxOs, law firms, dealmakers and investors involved in M&A generally ignore Cyber risks that have implication on deal execution, deal value, reputation; post-M&A liabilities, operations and bottom-line; or acquirer vulnerability. This is partly based on awareness, lack of knowledge or misconceptions about Cyber risks and assessments.

What does Efficiency Mean to Banks Worldwide?

As always with surveys, there are many numbers and graphs, but seldom do they answer the one-question clients always have: “What does it mean for me…?”.   In this recent CSC-Finextra study on Efficiency, we asked banks around the world, about what efficiency meant to them.

Copyright 2017 21st CENTURY IT · RSS Feed · Anmelden