ABOUT THE SPECIAL ISSUE
Digital Transformation is far beyond just moving from traditional banking to a digital world. It is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers. An efficacious Digital Transformation begins with an understanding of digital customer behavior, preferences, choices, likes, dislikes, stated as well as unstated needs, aspirations etc., and this transformation leads to the major changes in the organizations, from product-centric to customer-centric view.
With consumers’ financial needs growing more complex – the bancassurance model remains relevant to support customers holistic needs. However, the potential for banks and insurers to combine forces, expand their reach and cross-sell their services is sometimes stunted by siloed operations and cumbersome sales and compliance processes. Now, with financial service customers embracing digital channels, banks and insurers must refine their partnerships to ensure they can jointly respond to consumer demands, and pool their customer, product and technology expertise, to transform the way they serve their shared client base.