New digital technologies like smart metering and smart
homes, together with the rise of mobile connectivity and
social media, are playing a major role in transforming
how utilities and customers interact
Why customer value propositions really matter - A focus on the telecom servic...Juan Carlos Sanchez
This strategic white paper, written in 2010, examines how the traditional business of communication service providers is under threat from innovative, Web-based services, delivered 'over-the-top' of Internet access.
To stay in the game, service providers and their ICT partners must find a way to deliver more effective customer value propositions, that offer top and bottom-line impact. This can be achieved by using a customer-focused, decision-driven approach to deliver the offers that users really want, quickly and effectively.
Smart Grid Operational Services: Selecting the Right Mobile SolutionCapgemini
Whether you manage field service operations within the utilities industry or some other large business operation, a mobile computing solution can strengthen your field service capabilities, lower your operating costs and improve customer service.
With mobile devices in hand, field technicians, engineers and supervisors alike discover that information flow increases and costly data entry errors become issues from the past.
The mobile computing market abounds with “cool” devices, but embracing innovative technology alone can easily distract an organization from finding an intelligent mobile solution that will ultimately meet the needs of its users.
In other words, preparing for the technology is every bit as critical as selecting it.
This paper describes the 3 stages recommended for deciding on, and ranking the importance of, available solution options, and how proper planning can improve the total cost of ownership (TCO) of the solution. It also reviews common obstacles that impede deployment and thwart a positive return on investment.
Going Mobile Is Smart
Utility companies are quickly adopting mobile technology to drive efficiencies.
This is because mobile solutions present countless opportunities to improve employee workflow, maximize the quality of data in back end systems and cut paperwork from everyday processes.
The Internet has fundamentally changed the way we do business, and it has created huge opportunities for entirely new business models, from Web portals to e-commerce. Many of these new companies have succeeded, and many have failed, but this first wave of the Internet economy has set the stage for even more innovation and success throughout all sectors of business. As exciting as the dot-com revolution was, the Internet continues to provide an even greater opportunity for more traditional businesses.
Why customer value propositions really matter - A focus on the telecom servic...Juan Carlos Sanchez
This strategic white paper, written in 2010, examines how the traditional business of communication service providers is under threat from innovative, Web-based services, delivered 'over-the-top' of Internet access.
To stay in the game, service providers and their ICT partners must find a way to deliver more effective customer value propositions, that offer top and bottom-line impact. This can be achieved by using a customer-focused, decision-driven approach to deliver the offers that users really want, quickly and effectively.
Smart Grid Operational Services: Selecting the Right Mobile SolutionCapgemini
Whether you manage field service operations within the utilities industry or some other large business operation, a mobile computing solution can strengthen your field service capabilities, lower your operating costs and improve customer service.
With mobile devices in hand, field technicians, engineers and supervisors alike discover that information flow increases and costly data entry errors become issues from the past.
The mobile computing market abounds with “cool” devices, but embracing innovative technology alone can easily distract an organization from finding an intelligent mobile solution that will ultimately meet the needs of its users.
In other words, preparing for the technology is every bit as critical as selecting it.
This paper describes the 3 stages recommended for deciding on, and ranking the importance of, available solution options, and how proper planning can improve the total cost of ownership (TCO) of the solution. It also reviews common obstacles that impede deployment and thwart a positive return on investment.
Going Mobile Is Smart
Utility companies are quickly adopting mobile technology to drive efficiencies.
This is because mobile solutions present countless opportunities to improve employee workflow, maximize the quality of data in back end systems and cut paperwork from everyday processes.
The Internet has fundamentally changed the way we do business, and it has created huge opportunities for entirely new business models, from Web portals to e-commerce. Many of these new companies have succeeded, and many have failed, but this first wave of the Internet economy has set the stage for even more innovation and success throughout all sectors of business. As exciting as the dot-com revolution was, the Internet continues to provide an even greater opportunity for more traditional businesses.
Customer Service is a new corporate battleground. Companies need to provide state of the art customer service in order to compete and in this new market. This white paper discusses the business value and best practices of integrating your companies phone system with a strong central CRM.
Time, ease of operations and costs influence business in today's world, and the financial services industry is no exception. Customers in the financial services industry are mature, savvy and technologically better equipped than customers of most other industries. Whether it is the baby boomers, Gen X or Gen Y, the proliferation of the Internet has increased the level of technological awareness and customer expectations. Financial services companies are now embracing multichannel integration (MCI) as a key initiative to acquire, retain and service their customers.
Managing Your Business Through Change: Introducing Bluewolf BeyondBluewolf
The rise of SaaS and cloud based business services have in effect killed the dinosaurs of the software consulting industry. Introducing Bluewolf Beyond.
SDN and NFV: Transforming the Service Provider OrganizationJuniper Networks
As competition increases, service providers must be able to respond quickly to competitive pressures and rapidly evolving customer demands. Learn how NFV and SDN allows service providers to embrace a holistic approach to their business transformation and maximize existing capabilities: http://juni.pr/1JQZYOl
Pivotal CRM es la Solución CRM más Flexible del Mercado.
Con Pivotal CRM podrá definir procesos y reglas de gestión por cliente o grupos de clientes, para soportar y poder recoger, por ejemplo, reglas comerciales locales y globales, establecer ciclos de venta, gestionar reglas de "cross-selling" y "up-selling" o establecer niveles de atención a clientes.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
Discover more on Digital transformation In Utilities : https://www.wns.com/Portals/0/FSx/Documents/Articles/PDFFiles/600/228/The-Digital-Push-to-Enhance-Customer-Experience-in-Utilities-Article-Dec-2019.pdf
Analytics Center of Excellence | Data CoE |Analytics CoE| WNS TriangeRNayak3
WNS Triange, the data CoE and analytics CoE brings together domain experience, delivery capabilities, functional and technology best practices to help achieve excellence.
Customer Service is a new corporate battleground. Companies need to provide state of the art customer service in order to compete and in this new market. This white paper discusses the business value and best practices of integrating your companies phone system with a strong central CRM.
Time, ease of operations and costs influence business in today's world, and the financial services industry is no exception. Customers in the financial services industry are mature, savvy and technologically better equipped than customers of most other industries. Whether it is the baby boomers, Gen X or Gen Y, the proliferation of the Internet has increased the level of technological awareness and customer expectations. Financial services companies are now embracing multichannel integration (MCI) as a key initiative to acquire, retain and service their customers.
Managing Your Business Through Change: Introducing Bluewolf BeyondBluewolf
The rise of SaaS and cloud based business services have in effect killed the dinosaurs of the software consulting industry. Introducing Bluewolf Beyond.
SDN and NFV: Transforming the Service Provider OrganizationJuniper Networks
As competition increases, service providers must be able to respond quickly to competitive pressures and rapidly evolving customer demands. Learn how NFV and SDN allows service providers to embrace a holistic approach to their business transformation and maximize existing capabilities: http://juni.pr/1JQZYOl
Pivotal CRM es la Solución CRM más Flexible del Mercado.
Con Pivotal CRM podrá definir procesos y reglas de gestión por cliente o grupos de clientes, para soportar y poder recoger, por ejemplo, reglas comerciales locales y globales, establecer ciclos de venta, gestionar reglas de "cross-selling" y "up-selling" o establecer niveles de atención a clientes.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
UMAX is the answer for utilities looking for a powerful and agile business solution. This integrated, standardized, out-of-the-box system was designed, built and certified for Microsoft Dynamics AX, using established utility industry frameworks and proven methodologies.
UMAX combines optimum flexibility with proven functionality and standardly integrates level 3 utility processes. From the process of connecting new retail and business customers, through to the process of collecting the amounts due and interacting with other market parties (such as metering companies, external 3rd parties, etc) UMAX ensures utilities full support.
Moreover, this business solution helps water com-panies to stay in control of the consecutive stages in the different value chains.
Discover more on Digital transformation In Utilities : https://www.wns.com/Portals/0/FSx/Documents/Articles/PDFFiles/600/228/The-Digital-Push-to-Enhance-Customer-Experience-in-Utilities-Article-Dec-2019.pdf
Analytics Center of Excellence | Data CoE |Analytics CoE| WNS TriangeRNayak3
WNS Triange, the data CoE and analytics CoE brings together domain experience, delivery capabilities, functional and technology best practices to help achieve excellence.
The Information Agenda Guide for CSPs - Transform your business through information and analytics. The elements of an effective Information Agenda plan for communications service providers to help ensure the right information is delivered to the right people at the right time.
Between Creation and Consumption: The Muddle in the MiddleOnFrame Ltd
But until recently, there’s really
only been one channel available
for delivering it: broadcast TV.
For brand marketers, that meant expensive TV ads. For media and content owners, it meant a tightly
managed channel to market controlled by a few power players. However, recent advances in consumer
devices and ubiquitous broadband have changed this. Today, there are numerous ways to get content in
front of viewers and a large number of business models to play with.
At one end, content creators have increasingly powerful and sophisticated tools at their fi ngertips and
at the other end, consumers are hungry for more and more high quality entertainment. The range of
outlets through which audiences consume content has also grown and diversifi ed with new technologies
and devices allowing them to watch and listen anytime, anywhere. This recent explosion of new channels
and business models has led to an equally dramatic infl ux of innovators, disruptors and challengers – all
competing for a fi nite resource: the time and attention of consumers.
On the surface, everything seems fi ne, however many content owners, distributors and marketers
responsible for getting their content to market are unable to make the most of what should be a golden
age. The tools and systems currently being used to manage and distribute content belong to the past.
They are expensive to run, often add unnecessary bureaucracy to everyday processes, limit commercial
and creative agility and usually rely on third parties to execute requests.
Fortunately, it doesn’t have to be like this. If, that is, the industry recognises that its traditional ways of
managing and distributing fi lm and TV content are no longer sustainable in today’s multi-platform world.
If content owners are to regain control of their own destiny, they need to embrace new technologies and
platforms to eliminate the friction and infl exibility imposed by the old ways of managing media. Consumers
are demanding ever more fl exibility in the ways in which they consume and control content, shifting
constantly between different screens and devices.
Digital transformation through integrationCetrixSaudi
The business world is undergoing a revolution. With the proliferation of technology across our lives and work, industries around the world are realising that the tried and trusted methods that have kept them moving forward might no longer suffice. Consumers today are connected, informed, and unprecedentedly technologically savvy, and as a result, the companies they deal with are expected to be the same.
Netmagic solutions, leading IT Managed service provider with Data centers & Cloud Computing in India fulfills your entire IT infrastructure requirements: from collocation services to dedicated hosting, diaster recovery & data Storage solutions.
Lessons from Long Tail: Delivering on the Semiconductor Digital Engagement Ma...Infosys
Traditional customer engagement methods and information infrastructures are no longer sufficient. Success in the semiconductor marketplace will belong to those who are prepared for comprehensive digital and social interactions and commerce across the sales and support cycle with traditional and new prospects and customers who are “engineers” by day and “digital consumers” after hours. The industry is realizing the power of Web 2.0 technologies to reach untapped emerging markets of product developers and engineers across the globe, while increasing customer satisfaction, productivity, and profitability.
EIPP is a web-based technology that automates and streamlines the business process through self service, shortening the time it takes to collect on invoices, a metric measured as Days Sales Outstanding (DSO). Reducing DSO improves cash flow as well as the customer experience and cuts the cost of customer support. EIPP allows businesses to manage vendor and customer relationships in ways that increase efficiency. Genpact offers eBilling, an Electronic Invoice Presentment and Payment software solution that is instantly accessible any time, anywhere. It serves as a single shared platform for collaboration between customers, partners, and employees. eBilling enables companies to streamline their receivables billing, dispute, and payment functions by providing an Internet-based interactive, self-service environment for these processes, minimizing collection time on invoices.
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
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Customer centric digital platform for utilities: Process to value
1. Utilities the way we see it
Customer centric digital
platform for utilities: Process
to value
New digital technologies like smart metering and smart
homes, together with the rise of mobile connectivity and
social media, are playing a major role in transforming
how utilities and customers interact
The Need for a Customer Utilities in deregulated markets need
Centric Digital Platform to have effective marketing, sales and
Utilities are going through major service processes in place to acquire,
changes with deregulation, grow and keep the profitable
unbundling, competition and customers. Market and customer
sustainability as key drivers. In order intelligence can be dynamically
to face the challenging market and gathered and analysed - with social
regulatory environment in media as an important source - for
combination with changing customer instant identification of customer
preferences and behaviour, utilities demands and to deliver the best ‘next
need to rethink their customer action’ in every interaction whatever
strategy, transform their business the channel.
models, redesign and streamline their
business processes and build a more Energy conservation can be
flexible, agile and integrated powerfully addressed through the
application infrastructure. introduction of digital technologies
like smart meters and smart
The critical consumer needs are homes. Consumers have huge
nowadays customer satisfaction, expectations from these
reduction in energy expenditures and smart energy
mitigating the environmental impact
of power consumption.
2. services. However, the majority of applications that are linked together including social media
consumers have limited awareness by a complex web of relationships, n Personalising interactions and
about the extent of their own active bringing together divisions and information to address customer-
involvement in energy management. departments, connecting key specific needs
Utilities need to promote greater processes, and managing entry and n Legacy systems and processes that
customer involvement by improving exit points between the core hinder business agility to launch
information flows to consumers enterprise and customers using a wide campaigns or new products and
through trusted and preferred range of channels. services (including those related to
communication channels. sustainability) over different
Utilities have made significant efforts channels
The Customer Centric Digital Platform to build front-office desktops and n Shift to lower cost channels
needs to seamlessly connect customers customer portals providing access to preferably handled by customers
with the utility’s front & back-office their multiple back/middle-office themselves
processes, providing a personalized applications and information n Disconnected internal processes,
multi-channel experience. However, repositories. But all too often, leading to lack of visibility into the
this platform also needs to leverage the customer representatives are lost end-to-end process, particularly at
information and processes residing in among too many redundant, an enterprise level
existing IT investments in a ‘wrap & disjointed applications and n Process optimization and
renew’ strategy to reduce overall information. At the same time they are improvement to adapt to changing
investments required for this digital expected to lower their time spent per business scenarios and continuous
transformation. The benefits are high interaction with each customer. In improvement
customer satisfaction, a seamless addition time-to-market for new n Multiple systems and platforms
multichannel experience, maximum products and service could be within the organization that are
operational efficiency with minimum improved, while the benefits of siloed
additional investment, and the process optimization are not realized
leveraging of existing IT investments to due to long time for change. The new digital technologies required
deliver new products and services. for smart energy have made the existing
Some of the key challenges faced are: IT infrastructure incapable of handling
The existing landscape n Connecting across the overall value the new smart services expected by
In most cases, today’s utilities have a chain (including customers and consumers. In addition it is unable to
large number of individual partners) via preferred channels cater for digital consumer technologies.
Figure 1: Existing Landscape
Organizational Silos
Marketing Sales Operations Cust Services Sys Admin
Campaigns
CRM Back Office Contact Center Apps
Product Catalogs
Applications Silos
Customers are lost in the maze The organization is wasting Lack of ability and reactivity to
of offerings and interaction time and resources, generating business or regulation changes
channels productivity losses
2
3. Utilities the way we see it
High Level Customer Journey segments. At the same time, as more recent home energy management
To meet increased customer customers are drawn into online, email systems (HEMS) to present customers
expectations, utilities want to build an or social networking modes, then the with a seamless experience.
end-to-end relationship with consumers old and conventional modes such as
right from on-boarding to exit which mail (post) can be completely abolished. The Customer Centric Digital Platform
will increase customer satisfaction and This would not only help cut down cost streamlines and automates your
create a collaborative relationship with but would also have a positive impact processes to enhance productivity and
them. The entire meter-to-cash process on the environment and ‘go green’ customer value. It also combines the
will continuously involve and empower initiatives. power of process management,
consumers to manage their energy workflow orchestration and intelligent
decisions. It will also tell you how Intelligent BPM (iBPM) based decisioning to:
consumers want to interact, and what Customer Centric Digital n Tailor your offers and services
their expectations are for self service, Platform n Respond better and more quickly to
social media and other non-traditional Capgemini’s Customer Centric Digital customers
channels, at each stage of the customer Platform is based on intelligent Business n Provide a great cross-channel
journey. The content of the Process Management (iBPM). It can experience to customers
communication might range from help utilities maximize their return on n Enhance your productivity
promotional contents, new tariff plans, investment (ROI) by giving them a
billing information or any other forms single platform to unify their customer- Key Benefits
of transactional communication. facing business processes with their An intelligent Customer Centric
internal operational processes. The Digital Platform improves productivity
In the channel and service mix, the Customer Centric Digital Platform and efficiency by automatically
evolution of new channels will look unifies your customer facing contact orchestrating the people, processes,
similar to figure 2 which shows that the centers, social media apps or mobile/ technology, data and the policies.
rapid emergence of smart phone/tablet web channels with your internal n Increase operational efficiency
apps, and other social networking business processes such as meter-to- across the service chain & the
channels could soon make them the cash. It is a platform that spans the multiple roles
most used and effective modes of cross customer information system (CIS), Improve the productivity and
channel communication. Especially as meter data management system efficiency of customer sales
these are sustainable and flexible (MDMS), service delivery system, meter representatives by gaining the real-
enough to cater to the different service communication network (AMI) and the time visibility and control over the
processes
n Anticipate customer behavior to
Figure 2: Channel & Services mix, and the evolution of new channels deliver the next best action
Successfully align products &
services with the customers,
Channel
Online Phone - Smart
enabling you to deliver the right
Social Conventional
E Mail Account
& Website
IVR Contact
Center
Phones
Apps. / iPad
Media Post response to the right customer
Services
n Deliver a consistent experience
Billing
over the multiple channels
Enhance customer experience and
proactively deliver notifications via
Information
online and social media/channels
n Accelerate time-to-value &
Transactional maximize agility of the overall
process
Promotion
Enhance IT-business collaboration
and revise processes to respond to
organization or regulatory changes –
Community
in days, if necessary
n Lower operational costs
Billing - Any activity dealing with sending, receiving Transactions - Any activity that involves to and fro
Relevance: Channel to Services and processing of bills and bill amount communication in terms of information sharing, financial
transactions and account related issues.
Automate routine tasks to improve
HIGH Informative - Anything that is not billing or
MEDIUM transactional, but has information that pertains to Promotional & Community - Any activity that deals with reliability and predictability while
ones account, connection, the company in general, promotion of brand, services or offerings, Community includes
LOW energy saving tips etc. using the social networking/ community mediums to
communicate with account as well as non account holders
minimizing the need for human
intervention
Customer centric digital platform for utilities: Process to value 3