Capgemini Research Institute

Where are banks and insurers on their digital mastery journey?

Understanding Digital Mastery in Financial Services

The financial services industry stands at a crossroads and dark clouds of disruption are brewing overhead. As consumers become more connected and tech-savvy, FinTech and InsurTech upstarts edge their way onto the center stage, and new technologies and the sharing economy increasingly define our daily lives, banks and insurers must develop new value propositions to compete and prosper. The key to doing so is focusing on both leadership and digital capabilities – a status we call “digital mastery.” Our latest research shows fewer than one-third (30%) of financial services firms have thus far attained digital mastery. Although banking is making significant progress, there are still significant room for improvement. This gap between masters and also-rans is pronounced in insurance, where mastery of both digital and leadership capabilities is even rarer.

Financial services digital masters are set to succeed in a disrupted environment because they have developed the requisite digital and leadership capabilities to do so. Moreover, what they do, they do differently – and in so doing they follow these three best practices:

  • They align capabilities on the customer journey and invest in customer intelligence.
  • They adopt the operating models of tomorrow – collaborative, innovative, and agile.
  • They develop a culture that is balanced between both customer and employee centricity and build an effective governance structure.

It’s difficult to gain a foothold in a disrupted world, especially when there are more clouds of change on the horizon.

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1 min – Key statistics

File size: 3.20 MB File type: PDF

30 min – Report

File size: 3.73 MB File type: PDF

56%

of banking organizations use analytics to do target marketing more effectively

42%

of insurance organizations have automated their operations through robotic process automation

50%

of banking firms agree that leadership actively promotes digital skills learning and development of employees

Experts

Seth Rachlin

Expert in Insurance Go To Market Leader

Cliff Evans

Expert in DCX, Digital Transformation, Mobile

Jerome Buvat

Expert in Digital Transformation & Strategy, Strategy & Transformation

Marisa Slatter

Expert in Strategy & Transformation

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