Insights

Xpand IT Insights

Study Banking Industry 2021

The Banking industry is undergoing a lot of changes many of which have to do with increased competition from new entrants into the market, rapid innovation from the emergence of new technologies, and changes in traditional business models. The pandemic has accelerated some of these changes. Like many companies, banks had to go completely digital in a matter of days, guaranteeing that customers had access to the full range of services they needed from their bank and that employees had the necessary facilities to operate remotely. This shift to digital was a remarkable show of agility for the industry that proved it was able to use the technology at its disposal to make this shift in such a short amount of time – contrary to existing and long-standing arguments regarding how difficult it would be to take this step.

Insurance Industry Study 2020

Insurance is one of the biggest industries in the world. According to Swiss Re Institute, it generated more than $5,0 trillion in 2018. This industry, much as we’ve been witnessing with the banking industry, is slowly but surely being disrupted by the adoption of new and advanced technologies. For the last few years, a number of factors, such as the growing consumer demands and expectations, have been responsible for the disruption of many industries. For example, 85% of consumers with insurance would like their insurer to give them insight into how they can lower their premium, by suggesting changes in behaviour.

Banking Industry Study 2019

The number of smartphone users worldwide is over 2.5 billion, and it is clear that penetration rates are also increasing. In 2018, consumers worldwide downloaded a total of 205.4 billion apps. 

The banking industry, although enjoying this technological advancement in some ways, has remained resistant to change in the way it does business and the way it interacts with its customers. However, considering user expectations and the experiences that new entrants, like fintechs, are offering, banks are now realising the need to change as our cultural framework changes.

Ana PaneiroInsights