More and more insurers and banks expect their branches to think like entrepreneurs, and rightly so. This means guidance is required for many intermediaries.
Transforming Max Life Insurance with PMaps Job-Fit Assessments- Case Study
3 Reasons Why Financial Intermediaries Are Struggling To Keep Up In Times Of Digital Disruption
1. 3 REASONS WHY FINANCIAL
INTERMEDIARIES ARE STRUGGLING
TO KEEP UP IN TIMES OF DIGITAL
DISRUPTION
Insights from Simon Anthonis (Expert Banking & Insurance)
2. Digitalization in financial services has been going on for some time and recently has
caught the big crowd’s attention through announcements of leading players such as
ING, AXA, P&V, Crelan and others…
"ABOUT HALF OF THE 1,200 BRANCHES
OF ING AND RECORD BANK
WILL HAVE TO CLOSE."
"BNP PARIBAS FORTIS REMOVES
OFFICES AND INCREASES RATES "
"BELFIUS WANTS TO CLOSE
20 AGENCIES"
*www.standaard.be*www.standaard.be*www.trends.be
CHANGE
3. CHANGE
Branch visits have drastically
decreased and customer expectations
have changed, based on experiences
with digitally savvy innovators in
other sectors (Bol.com, Coolblue,
Amazon,…).
COOLBLUE
4. Many financial intermediaries
are struggling to find their place
in this changing world.
WHAT IS
THE ROLE OF
THE INTERMEDIARY?
* Book Joris Merks-Benjaminsen : Online Brand Identity
5. Let it be clear that there is (and will be for a long
time) still an important role for intermediaries,
on one condition: Intermediaries need to be
relevant for their customers.
Most agents however never had to ask themselves
questions of relevance in the past.
Commercially strong agencies that serviced their
clients well have been successful. Today the
game has changed, and so have the success
factors of financial intermediaries.
INTERMEDIARIES
ARE NOT DEAD!
RELEVANCE IS KEY
BOL.COM
7. In a stable environment (before the digital revolution) many intermediaries had one focus:
commercial targets.
1. INTERMEDIARIES HAVE NEVER LEARNED TO ASK THEMSELVES
WHAT THEIR ROLE WILL BE IN THE FUTURE AND HOW THEY WILL
REMAIN RELEVANT.
8. A
?
2. MANY
INTERMEDIARIES
LACK A CLEAR
VISION.
They haven’t written down which
direction they want to go and what
(relevant) role they will fulfil in 2-4
years.
9. 3. MOST
INTERMEDIARIES
LACK A STRATEGIC
PLAN
Although most intermediaries do have
a tactical plan (focussed on
the realisation of commercial targets),
very few have a strategic plan
(How will they realize their vision?).
A
?
?
?
?
?
?
10. "More and more insurers and banks expect
their branches to think like entrepreneurs,
and rightly so.
This means guidance is required for many
intermediaries. While many entrepreneurs
are already familiar with an annual
strategic planning exercise, this is not
the case for a lot of financial intermediaries.
A clear vision for the future along with
a strategic plan on how to get there (annual
strategic planning), are part of the toolkit of
tomorrow’s successful entrepreneurial
intermediaries." Simon Anthonis
HELP
INTERMEDIARIES
TO THINK LIKE
ENTREPRENEURS
SIMON ANTHONIS