Valuable insights from Maarten Ectors Chief Innovation Officer at L&G. Why?
He is a disrupter himself from outside financial services. Now "inside the tent and p*****g out" with a laser focus on the customer rather than internal processes and technologies.
Maarten offers a challenge to incumbent financial services leaders. "We have a generation of MBA schooled leaders that was taught you can be the cheapest, best or most personalised niche player, pick one because you cannot be more. The digital leaders of tomorrow know that in the digital world you can be all three and this will give rise to “The innovator’s dilemma”."
How to be all three and face the dilemma should be on every C-Suite strategy priorities? If you are an insurer find out how 360Globalnet delivers the solution across Europe, North America and APAC.
The next frontier for digital disrupters will be a desintermediation of the financial services sector. Most brokers, financial advisers, agents and similar had an important value add in the complex relationship-based analogue world. In a digital world, intermediaries are often just an extra layer of cost. Easy self-servicing beats the best call centre support. If it is too difficult than make it easier, do not add a layer of intermediary complexity. Thomas Cook is an example of how customers can do their own city trip booking online and no longer need somebody to do it for them. In banking, insurance, retirement and investment too many business models are still built around intermediary distribution and servicing. All of them are a high digital disruption risk.