From digital transformation to rebound strategy
We are facing unprecedented and unpredictable health, economic and social circumstances. Entire sectors have been shut down and two thirds of the global population is under lockdown with impact on both the supply and demand balance. I am pretty sure that you have put in place a number of exceptional measures to safeguard the continuity of your business activities, as it is the case with VERMEG.
We are experiencing a great crisis, of which the severity level cannot yet be measured. Nevertheless, in response to it, the major central banks and States suggest techniques for leading companies out of the crisis period and mitigating its impacts.
We organized the second edition of the VERMEG Digital Meet-Up in Paris on the 27th February 2020 (three weeks before the lockdown measures and the cancellation of all events). We have addressed new ways of doing things in everchanging and uncertain environments. Now more than ever before, we must open ourselves to new approaches for the “post-pandemic” period and prepare for the rebound.
The necessary interruption of human relationships brought the role of technology in our lives and work into perspective. New uses, alternative modes of interaction at work andnew organizational models are now possible thanks to digital transformation. Digital will certainly play a crucial role in this transformation, for banks and insurance companies. Let’s recall that digital is much more than just a technological toolbox. It helps us do what we used to do faster, better and cheaper. It will guide decision-makers in the post-crisis period and set out new objectives: work differently, evaluate their sales volumes, widen their targets, and use new distribution channels.
On the customer side, Digital also offers solutions to accelerate the launch of new services and revisit customer experience. Digital transformation for services and mobile helped improve customer-financial interaction factors, and created a feeling for overall brand assessment.
The incursion of new entrants – FinTechs, Neobanks, Neoinsurance, GAFAM – have lately forced historic players to move up a gear to offer the best possible customer experience and make it as fluid and efficient, and personalized as possible. This is a challenge that is still far from being realised, yet it is indeed a great opportunity. It is an opportunity for not acting as financial intermediaries but more as stakeholders that are closer to customers and their lives. Driven by digital, the rebound projects are on their way now.
For the VERMEG teams, there is a “common denominator” to all this. It will definitely help you head towards your target at the right pace and with the right business and technological accelerators.