Are banks and insurers a safe pair of hands when it comes to customer data? Our global survey of more than 180 senior data privacy and security professionals – as well as 7,600 consumers – found that less than a third (29%) of these organizations offer both strong data privacy practices and a sound security strategy. Just one in five (21%) are highly confident that they can detect a cybersecurity breach.
This picture has so far not unduly affected consumers’ perceptions of the industry. We found that 83% of consumers trust banks and insurers when it comes to data. And while one in four institutions have reported being victim of a hack, just 3% of consumers believe their own bank or insurer has ever been breached. However, with the pending General Data Protection Regulation (GDPR) regulations, this trust factor is likely to change as transparency increases. Financial organizations have to reveal a data breach 72 hours after the incident.
Banks and insurance firms have a clear incentive therefore to fortify their defences. As well as avoiding the prohibitive fines and penalties that will result from compromised data, protecting privacy offers a strategic business advantage. Addressing security concerns will drive greater adoption of low-cost digital channels. We found that security concerns deter nearly half of consumers (47%) from using digital channels. It will also reduce churn and attract competitors’ customers – 74% of consumers would switch their bank or insurer in the event of a data breach.
Preparing to be a trusted data steward is no easy task, however. It means raising the bar on multiple dimensions:
• Aligning data practices with consumers’ expectations
• Finding innovative ways of providing non-intrusive security to consumers
• Building the capabilities required to monitor cyber risks on a real-time basis
• Revisiting the data governance model.
Building your reputation for data privacy and robust security is definitely challenging. But, those who strike the right chord with consumers will enjoy a competitive advantage over their peers. The winners will be those who triumph in the trust game.
Staying ahead in the cyber security game - Sogeti + IBMRick Bouter
Cyber security is center stage in the world today, thanks to almost continuous revelations about incidents and breaches. In this context of unpredictability and insecurity, organizations are redefining their approach to security, trying to find the balance between risk, innovation and cost. At the same time, the field of cyber security is undergoing many dramatic changes, demanding organizations embrace new practices and skill sets.
Cyber security risk is now squarely a business risk – dropping the ball on security can threaten an organization’s future – yet many organizations continue to manage and understand cyber security in the context of the it department. This has to change.
INFOGRAPHIC: Fixing the Insurance Industry - how big data can transform custo...Capgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry.
Stewarding Data : Why Financial Services Firms Need a Chief Data OfficierCapgemini
The C-suite could soon start to feel a little crowded, with Chief Digital Officers, Chief Innovation Officers, Chief Risk Officers
and Chief Data Officers joining the more established functional leaders. To avoid C-suite proliferation, companies need to
decide whether to elevate a new functional role to “chief” based on the strategic importance of the issue for the organization and its sector. For example, in many organizations, marketing will be so essential to performance that few would deny the need for a CMO. In financial services, data has become so mission-critical that the role of Chief Data Officer is simply essential.
Healthcare organizations are awash with data. However, electronic health records (EHRs) and digital clinical systems in many healthcare organizations have been deployed without strategic data and IT infrastructure security planning. As a result, chief information security officers (CISOs) frequently have limited authority, sparse staffing and tight budgets. Data security spending in healthcare lags behind other top cybercrime targets such as financial services, according to new research by HIMSS Analytics on behalf of Symantec Corporation.
A View on AI in Insurance - Chris Madsen - H2O AI World London 2018Sri Ambati
This talk was recorded in London on October 30th, 2018 and can be viewed here: https://youtu.be/LFVIGMMlfhI
A view on what is driving AI and ML developments in insurance and why.
• What is driving the change in insurance and why is AI/ML so important?
• What does the future look like?
• Which AI/ML use cases are being worked on in the industry?
• Which ones are needed?
Chris Madsen is Chairman and CEO of Blue Square Re N.V., Aegon’s internal reinsurer and a company he co-founded in 2010.
Mr. Madsen holds a Masters in Engineering from Princeton University in Princeton, USA. His undergraduate degree is in Mathematics and Economics. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries and a Chartered Financial Analyst.
He started his professional career in New York in 1990, working as Consulting Actuary and later Principal. Mr. Madsen has published numerous articles on innovative underwriting risk solutions and is a frequent speaker on the topic and related developments.
Mr. Madsen is an avid proponent and driver of integrating start-up and insurtech expertise into insurance solutions - including internet-of-things applications as well as blockchain initiatives such as “B3i”. He is also responsible for the ground-breaking longevity solutions that Aegon brought to the capital markets totalling over EUR 20bn of reserves.
Staying ahead in the cyber security game - Sogeti + IBMRick Bouter
Cyber security is center stage in the world today, thanks to almost continuous revelations about incidents and breaches. In this context of unpredictability and insecurity, organizations are redefining their approach to security, trying to find the balance between risk, innovation and cost. At the same time, the field of cyber security is undergoing many dramatic changes, demanding organizations embrace new practices and skill sets.
Cyber security risk is now squarely a business risk – dropping the ball on security can threaten an organization’s future – yet many organizations continue to manage and understand cyber security in the context of the it department. This has to change.
INFOGRAPHIC: Fixing the Insurance Industry - how big data can transform custo...Capgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry.
Stewarding Data : Why Financial Services Firms Need a Chief Data OfficierCapgemini
The C-suite could soon start to feel a little crowded, with Chief Digital Officers, Chief Innovation Officers, Chief Risk Officers
and Chief Data Officers joining the more established functional leaders. To avoid C-suite proliferation, companies need to
decide whether to elevate a new functional role to “chief” based on the strategic importance of the issue for the organization and its sector. For example, in many organizations, marketing will be so essential to performance that few would deny the need for a CMO. In financial services, data has become so mission-critical that the role of Chief Data Officer is simply essential.
Healthcare organizations are awash with data. However, electronic health records (EHRs) and digital clinical systems in many healthcare organizations have been deployed without strategic data and IT infrastructure security planning. As a result, chief information security officers (CISOs) frequently have limited authority, sparse staffing and tight budgets. Data security spending in healthcare lags behind other top cybercrime targets such as financial services, according to new research by HIMSS Analytics on behalf of Symantec Corporation.
A View on AI in Insurance - Chris Madsen - H2O AI World London 2018Sri Ambati
This talk was recorded in London on October 30th, 2018 and can be viewed here: https://youtu.be/LFVIGMMlfhI
A view on what is driving AI and ML developments in insurance and why.
• What is driving the change in insurance and why is AI/ML so important?
• What does the future look like?
• Which AI/ML use cases are being worked on in the industry?
• Which ones are needed?
Chris Madsen is Chairman and CEO of Blue Square Re N.V., Aegon’s internal reinsurer and a company he co-founded in 2010.
Mr. Madsen holds a Masters in Engineering from Princeton University in Princeton, USA. His undergraduate degree is in Mathematics and Economics. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries and a Chartered Financial Analyst.
He started his professional career in New York in 1990, working as Consulting Actuary and later Principal. Mr. Madsen has published numerous articles on innovative underwriting risk solutions and is a frequent speaker on the topic and related developments.
Mr. Madsen is an avid proponent and driver of integrating start-up and insurtech expertise into insurance solutions - including internet-of-things applications as well as blockchain initiatives such as “B3i”. He is also responsible for the ground-breaking longevity solutions that Aegon brought to the capital markets totalling over EUR 20bn of reserves.
This new document explores how Accenture can help financial services firms use a holistic data-centric approach to compliance and to respond to the requirements and challenges to the General Data Protection Regulation. Learn more: https://accntu.re/2uq8ANV
Big Data Alchemy: How can Banks Maximize the Value of their Customer Data?Capgemini
This document is a point of view on how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back. The PoV explores these challenges and suggests actions for banks in order to scale-up to the next level of customer data analytics.
PwC: New IT Platform From Strategy Through ExecutionCA Technologies
Glenn Hobbs, PwC’s technology consulting director, shares how PwC’s new IT Platform can provide the framework to transform IT organizations so they can quickly incorporate the right technology and focus on collaboration and innovation to help solve the most-critical business problems.
For more information on DevOps solutions from CA Technologies, please visit: http://bit.ly/1wbjjqX
Fixing the Insurance Industry: How Big Data can Transform Customer SatisfactionCapgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry. In this research, we examine how insurers can effectively leverage customer data to improve customer satisfaction.
Taking the Digital Pulse: Why Healthcare Providers Need an Urgent Digital Che...Capgemini
Digital technologies are altering the very fabric of the traditional healthcare delivery model. Consumers are actively embracing digital tools to take charge of their health.
Consider this: no less than 86% of respondents in a survey reported that they wanted to take a more proactive role in their healthcare decisions, and 76% reported that they have the tools and information to do so. Social media and mobile platforms are becoming increasingly important channels for consumers. A survey found that 45% of respondents search for health information and close to 34% ask for health-related advice on social media. channels. The four million mobile health app downloads that occur every day also give consumers an easy way to track their health.
So how is the healthcare industry responding to these new opportunities? Are the industry and the current healthcare delivery model adapting to changing consumer needs rapidly enough? To obtain a clearer picture of current digital readiness, we conducted a survey of global healthcare players. We also compared the digital maturity of the healthcare industry with that of other industries, based on a previous study conducted jointly with the MIT Center for Digital Business. The results will probably not come as a surprise to many of us.
We found that healthcare is significantly less mature than many industries in the adoption of digital technologies. Our survey also revealed a wide disparity in the digital maturity of healthcare providers. Only 33% were found to be digitally mature or Digirati, while the majority were found to be lagging in the use of digital technologies.
Transforming Insurance Risk Assessment with Big Data: Choosing the Best PathCapgemini
Insurers are realizing that big data has the potential to create competitive advantage. There is a gold mine of information residing across the large volumes of data available in multiple sources and disparate formats, if only it can be efficiently mined to support key operational decisions and improve the customer experience. Commercial risk assessment is data intensive and ripe for the incorporation of real-time external data. In this paper, we explore the ways commercial insurers can gain accurate and comprehensive risk assessments when underwriting policies by using big data.
Slide deck presenting objectives of Big Data Working group of Institute of Actuaries in Belgium.
The goal of the group is to discuss:
- Impact of Big Data on insurance sector and the
actuarial profession;
- Present challenges and good practices when working
with Big Data;
- Educate actuarial profession about Big Data.
Contact me at mat@motosmarty.com
This infographic is about how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back.
Close the AI Action Gap in Financial ServicesCognizant
Banks and financial institutions are making strides with artificial intelligence -- but they've been slow to scale it. Here are four steps to realize AI's full potential throughout the enterprise.
This presentation provides a brief insight into the need to undertake an analytics project, particularly as it pertains to claims management and fraud. To this end the presentation will touch on the general challenges confronting the property and casualty insurance industry, as well as the challenges and lessons learnt from early adopters of business intelligence. In the face of these challenges analytics holds the potential to generate substantial value as evidenced by several short case study examples. The presentation concludes with a look at the issue of fraud as it pertains to the industry and some of the metrics that are influenced by it.
The presentation draws extensively, and focuses on, the work and viewpoints from industry participants including; Accenture, IBM, Ernst & Young, Strategy Meets Action, Ordnance Survey, Gartner, Insurance Institute of America, American Institute for Chartered Property Casualty Underwriters, International Risk Management Institute and John Standish Consulting. References are included on each slide as well as on the “References” slides at the end of the presentation.
Consumers rely on businesses to keep their personal information safe. Too few of those businesses are actively protecting that data. Here’s what’s gone wrong, and how businesses should be responding. Full blog here: http://bit.ly/1Jtzym5
Pandemic has taken a fair share of the toll on every economy, affecting millions of businesses across the globe. As organizations are adopting technology and innovation to fulfil their quest for growth, they must comprehend, the ghost of cyberattack will come to haunt them sooner or later. Cyber breaches will not only cause brand degradation, but also lead to loss of digital assets, and change in consumer behaviour. As a result, companies are considering corporate cyber insurance as a part of their cybersecurity strategies. Click on the link to read what cyber insurance is and why companies direly need it.
Data has always played a central role in the insurance industry, and today, insurance carriers have access to more of it than ever before. We have created more data in the past two years than the human race has ever created. Insurers—like organisations in most industries—are overwhelmed by the explosion in data from a host of sources, including telematics, online and social media activity, voice analytics, connected sensors and wearable devices. They need machines to process this information and unearth analytical insights. But most insurers are struggling to maximise the benefits of machine learning.
Global consumers want similar things when it comes to personal data. In this slideshow, we explore the sentiments about data privacy expressed by people across countries, industries, and data types.
For more information, please check out the BCG report, "The Trust Advantage" (http://on.bcg.com/1gr9j5P) and visit the "Big Data and Beyond" section of bcg.perspectives (http://on.bcg.com/1g7tpgc).
Cybersecurity-Anforderungen in IT-Sourcing-Projekten meistern – Ein Leitfaden...Capgemini
Managing Cybersecurity demands in IT sourcing projects: A guideline using the example of Identity & Access Management. This presentation outlines the topic of Identity & Access Management in complex IT landscapes and IT services supply chains by the help of practical examples and by comparing reality and cyberspace. It also makes recommendations for the access management for organizational IT systems.
Capgemini reports on the major 2017 trends in the payments industry which revolve around three core areas of payment instruments, regulatory and industry initiatives, and key stakeholder strategies. Currently, the global payments industry is undergoing a paradigm shift with an influx of technology, demographic, and regulatory dynamics. While the customer facing part of the value chain continues to witness high levels of innovation, service providers are still grappling with back-end infrastructure enhancements. Trends such as new opportunities in the payments industry in terms of adoption of Open Application Programming Interfaces (APIs), growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are impacting the industry in terms of fostering competition, nurturing innovation, and enhancing process and system-related efficiencies.
This new document explores how Accenture can help financial services firms use a holistic data-centric approach to compliance and to respond to the requirements and challenges to the General Data Protection Regulation. Learn more: https://accntu.re/2uq8ANV
Big Data Alchemy: How can Banks Maximize the Value of their Customer Data?Capgemini
This document is a point of view on how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back. The PoV explores these challenges and suggests actions for banks in order to scale-up to the next level of customer data analytics.
PwC: New IT Platform From Strategy Through ExecutionCA Technologies
Glenn Hobbs, PwC’s technology consulting director, shares how PwC’s new IT Platform can provide the framework to transform IT organizations so they can quickly incorporate the right technology and focus on collaboration and innovation to help solve the most-critical business problems.
For more information on DevOps solutions from CA Technologies, please visit: http://bit.ly/1wbjjqX
Fixing the Insurance Industry: How Big Data can Transform Customer SatisfactionCapgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry. In this research, we examine how insurers can effectively leverage customer data to improve customer satisfaction.
Taking the Digital Pulse: Why Healthcare Providers Need an Urgent Digital Che...Capgemini
Digital technologies are altering the very fabric of the traditional healthcare delivery model. Consumers are actively embracing digital tools to take charge of their health.
Consider this: no less than 86% of respondents in a survey reported that they wanted to take a more proactive role in their healthcare decisions, and 76% reported that they have the tools and information to do so. Social media and mobile platforms are becoming increasingly important channels for consumers. A survey found that 45% of respondents search for health information and close to 34% ask for health-related advice on social media. channels. The four million mobile health app downloads that occur every day also give consumers an easy way to track their health.
So how is the healthcare industry responding to these new opportunities? Are the industry and the current healthcare delivery model adapting to changing consumer needs rapidly enough? To obtain a clearer picture of current digital readiness, we conducted a survey of global healthcare players. We also compared the digital maturity of the healthcare industry with that of other industries, based on a previous study conducted jointly with the MIT Center for Digital Business. The results will probably not come as a surprise to many of us.
We found that healthcare is significantly less mature than many industries in the adoption of digital technologies. Our survey also revealed a wide disparity in the digital maturity of healthcare providers. Only 33% were found to be digitally mature or Digirati, while the majority were found to be lagging in the use of digital technologies.
Transforming Insurance Risk Assessment with Big Data: Choosing the Best PathCapgemini
Insurers are realizing that big data has the potential to create competitive advantage. There is a gold mine of information residing across the large volumes of data available in multiple sources and disparate formats, if only it can be efficiently mined to support key operational decisions and improve the customer experience. Commercial risk assessment is data intensive and ripe for the incorporation of real-time external data. In this paper, we explore the ways commercial insurers can gain accurate and comprehensive risk assessments when underwriting policies by using big data.
Slide deck presenting objectives of Big Data Working group of Institute of Actuaries in Belgium.
The goal of the group is to discuss:
- Impact of Big Data on insurance sector and the
actuarial profession;
- Present challenges and good practices when working
with Big Data;
- Educate actuarial profession about Big Data.
Contact me at mat@motosmarty.com
This infographic is about how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back.
Close the AI Action Gap in Financial ServicesCognizant
Banks and financial institutions are making strides with artificial intelligence -- but they've been slow to scale it. Here are four steps to realize AI's full potential throughout the enterprise.
This presentation provides a brief insight into the need to undertake an analytics project, particularly as it pertains to claims management and fraud. To this end the presentation will touch on the general challenges confronting the property and casualty insurance industry, as well as the challenges and lessons learnt from early adopters of business intelligence. In the face of these challenges analytics holds the potential to generate substantial value as evidenced by several short case study examples. The presentation concludes with a look at the issue of fraud as it pertains to the industry and some of the metrics that are influenced by it.
The presentation draws extensively, and focuses on, the work and viewpoints from industry participants including; Accenture, IBM, Ernst & Young, Strategy Meets Action, Ordnance Survey, Gartner, Insurance Institute of America, American Institute for Chartered Property Casualty Underwriters, International Risk Management Institute and John Standish Consulting. References are included on each slide as well as on the “References” slides at the end of the presentation.
Consumers rely on businesses to keep their personal information safe. Too few of those businesses are actively protecting that data. Here’s what’s gone wrong, and how businesses should be responding. Full blog here: http://bit.ly/1Jtzym5
Pandemic has taken a fair share of the toll on every economy, affecting millions of businesses across the globe. As organizations are adopting technology and innovation to fulfil their quest for growth, they must comprehend, the ghost of cyberattack will come to haunt them sooner or later. Cyber breaches will not only cause brand degradation, but also lead to loss of digital assets, and change in consumer behaviour. As a result, companies are considering corporate cyber insurance as a part of their cybersecurity strategies. Click on the link to read what cyber insurance is and why companies direly need it.
Data has always played a central role in the insurance industry, and today, insurance carriers have access to more of it than ever before. We have created more data in the past two years than the human race has ever created. Insurers—like organisations in most industries—are overwhelmed by the explosion in data from a host of sources, including telematics, online and social media activity, voice analytics, connected sensors and wearable devices. They need machines to process this information and unearth analytical insights. But most insurers are struggling to maximise the benefits of machine learning.
Global consumers want similar things when it comes to personal data. In this slideshow, we explore the sentiments about data privacy expressed by people across countries, industries, and data types.
For more information, please check out the BCG report, "The Trust Advantage" (http://on.bcg.com/1gr9j5P) and visit the "Big Data and Beyond" section of bcg.perspectives (http://on.bcg.com/1g7tpgc).
Cybersecurity-Anforderungen in IT-Sourcing-Projekten meistern – Ein Leitfaden...Capgemini
Managing Cybersecurity demands in IT sourcing projects: A guideline using the example of Identity & Access Management. This presentation outlines the topic of Identity & Access Management in complex IT landscapes and IT services supply chains by the help of practical examples and by comparing reality and cyberspace. It also makes recommendations for the access management for organizational IT systems.
Capgemini reports on the major 2017 trends in the payments industry which revolve around three core areas of payment instruments, regulatory and industry initiatives, and key stakeholder strategies. Currently, the global payments industry is undergoing a paradigm shift with an influx of technology, demographic, and regulatory dynamics. While the customer facing part of the value chain continues to witness high levels of innovation, service providers are still grappling with back-end infrastructure enhancements. Trends such as new opportunities in the payments industry in terms of adoption of Open Application Programming Interfaces (APIs), growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are impacting the industry in terms of fostering competition, nurturing innovation, and enhancing process and system-related efficiencies.
With the proliferation of technology, banking customers are living in a connected world with their experience from other industries influencing their expectations from their financial services provider. This has led to an evolving customer-bank relationship necessitating banks to be more customer-centric by embedding themselves in customers’ lives to meet rising customer experience expectations. However, banks have been facing challenges in meeting customer expectations, as they are troubled with legacy challenges both in terms of technology and culture. This document aims to understand and analyze the trends in the banking industry that are expected to drive the dynamics of the banking ecosystem in the near future.
While innovative new technologies have been very efficient in combating traditional fraud, our research has found that digital technologies are also giving rise to new types of digital tax fraud: the increase in the number of e-filings of tax returns across geographies is driving new types of fraud using identity theft as the basis.
Another type of fraud taking shape is Zapping – using software programs to automatically skim cash from electronic cash registers (ECR) or point of sale systems.
Similarly, the growing usage of third-party payroll processors is opening up a whole new avenue of fraud where unscrupulous processors siphon off taxes due to the state.
Our analysis of these new digital tax frauds shows that inaction is not an option for tax authorities. We have modelled the evolution of tax fraud, taking into account new incidents of fraud enabled by digital technologies. Our findings are sobering for tax authorities. In a scenario where tax authorities continue to fight new tax fraud with conventional tools, we estimate digital tax fraud in the US will rise from $32 billion to $49 billion by 2020.
To combat this staggering scale of fraud, conventional methods are too slow for the digital age. Tax authorities must move away from an incremental, piecemeal approach to a much more comprehensive transformative line of attack with a long-term vision, roadmap and multifaceted solutions involving people, processes and technology.
What is the impact of inaction of tax authorities to rein in new types of digital tax fraud? How can analytics be used as an effective weapon to fight against digital tax fraud.
Blockchain: How the bitcoin technology can change the public sectorCapgemini
What is blockchain and how can blockchain be used for the public sector in Germany? These are the main questions which will be answered by this presentation and via a use case which the authors implemented prototypically.
By Christof Tinnes, Carmen Eisenacher and Phillip Pham, Capgemini Germany
Top Ten Trends in Lending and Leasing 2017Capgemini
Traditional lending and leasing organizations are waking up to the fact that they need to transform their operations in order to remain preferred lenders. While large corporations are still heavily dependent on traditional lending, small and medium businesses and retail customers are finding it easier to deal with FinTechs/alternative lenders. . More automation, machine learning, data analytics, smart contracts, and enhanced cybersecurity are not only expected to increase operational efficiency but also result in lower costs and greater customer experience. This document aims to understand and analyze the trends in the lending and leasing industry that are expected to drive the dynamics of the lending and leasing ecosystem in the near future.
The insurance industry is witnessing a slow but certain evolution due to disruptive technologies, external market forces, and their consequent impact on insurance business and operating models.
This Slideshare deck has the overview of the top 10 insurance trends that will be strategic for firms in the near term.
INFOGRAPHIC: Smart contracts between hype and realityCapgemini
INFOGRAPHIC: Smart Contract Lifecycle. When will Smart Contracts Become Mainstream? What are the Opportunities in Financial Services Industry? Key Challenges in Smart Contract Adoption Smart Contracts: Breaking the Chain between Hype and Reality
Arne Rossmann outlines why the Business Data Lake works and which Services the Business Data Lake should provide. Organizations can use the Business Data Lake concept best when they standardize, industrialize and innovate.
Presented by Arne Rossman, Capgemini Germany, at the OOP Conference, 31 January 2017
How large corporates improve the way they innovateCapgemini
Mick Liubinskas is Entrepreneur in residence at muru-D – a startup accelerator backed
by Telstra, Australia’s leading telecommunications and technology company. Mick
has a successful track record of startup creation. He was the co-Founder & Director
of Pollenizer, Australia’s first digital incubator, and was a co-founder of Startmate. At
muru-D, he is responsible for attracting and selecting high-potential technology startups
and then working with them to drive significant, global, long-term success. After many
years in Australia, Mick recently moved to Silicon Valley.
We spoke to him to understand how large corporates can improve the
way they innovate. Mick explains why entrepreneurs need to lead innovation initiatives at big corporates.
He also highlights the importance of proximity to tech hubs: “Innovation and entrepreneurship are about the 10,000 tiny discussions that are greatly helped
by proximity.”
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
Blockchain Smart Contracts - getting from hype to reality Capgemini
The potential of smart contracts – programmable contracts that automatically execute when pre-defined conditions are met – is the subject of much debate and discussion in the financial services industry. Smart contracts, enabled by blockchain or distributed ledgers, have been held up as a cure for many of the problems associated with traditional financial contracts, which are simply not geared up for the digital age. Reliance on physical documents leads to delays, inefficiencies and increases exposure to errors and fraud. Financial intermediaries, while providing interoperability for the
finance system and reducing risk, create overhead costs for and increase compliance requirements.
In this report, we aim to cut through the speculation and hype around the potential of smart contracts. We have conducted detailed discussions with financial services industry professionals, prominent smart contract startups and academics (see Research Methodology at the end of this paper). Our study confirms that smart contract adoption will lead to reduced risks, lower administration and service costs, and more efficient business processes across all major segments of the financial services industry. These benefits will accrue from technology, process redesign as well as from fundamental changes in operating models, as they require a group of firms to share a common view of the contract between trading parties. Consumers will benefit from more competitive products, such as mortgage loans and insurance policies, along with simpler processes that are free of many of the hassles of today’s customer experience.
Capgemini reports major 2017 trends in the capital markets industry which revolve around the impact of evolving regulations and the ramifications of new emerging technologies like Blockchain & robotic process automation (RPA) on market participants. Evolving regulations since the 2008 financial crisis continue to have major structural and technological impact on the capital markets industry. With regulatory compliance becoming one of the biggest challenges for incumbent capital markets firms, they are collaborating with FinTechs targeting specific parts of regulations.
Insuring your future: Cybersecurity and the insurance industryAccenture Insurance
How are insurance companies faring when it comes to protecting their assets and their customers from fraud, malware, cyber attacks and a host of other security breaches? The question is important. Insurance companies hold a vast amount of data
including personally identifiable information, personal health information, credit card and bank account data, and trade secrets (their own and sometimes their clients’). Insurers
have a very distributed model for servicing, increasing the risk across the value chain. Aging legacy systems complicate matters even more.
The Work Ahead in Insurance: Vying for Digital SupremacyCognizant
Insurers expect dramatic changes to their work by 2023 as a result of adopting digital technologies and mindsets, according to our study. Speeding processes, harnessing data and forming new collaborations will be key to winning the digital arms race ahead.
Priming your digital immune system: Cybersecurity in the cognitive eraLuke Farrell
Learn how cognitive security may be a powerful tool in addressing challenges security professionals face.
New capabilities for a
challenging era
Security leaders are working to address three gaps
in their current capabilities
—
in intelligence, speed
and accuracy. Some organizations are beginning to
explore the potential of cognitive security solutions
to address these gaps and get ahead of their risks
and threats. There are high expectations for this
technology. Fifty-seven percent of the security
leaders we surveyed believe that it can significantly
slow the ef forts of cybercriminals. The 22 percent of
respondents who we call “Primed” have started their
journey into the cognitive era of cybersecurity
—
they
believe they have the familiarity, the maturity and the
resources they need. To begin the journey, it is
important to explore your weaknesses, determine
how you want to augment your capabilities with
cognitive solutions and think about building education
and investment plans for your stakeholders.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
The Stand Against Cyber Criminals Lawyers, Take The Stand Against Cyber Crimi...Symantec
Many law firms would suffer greatly from being breached due
to the extreme sensitive data they are handling on a daily basis.
Any cyber attack in this sector can be catastrophic so do lawyers
feel ready to stand against the rising tide of cybercrime?
With this in mind, Symantec, in conjunction with the law
publication Managing Partner, conducted a study into how law firms see cyber security.
2016 Scalar Security Study Executive Summarypatmisasi
Executive Summary of the 2016 Scalar Security Study. The study examines the cyber security readiness of Canadian organizations and the trends in dealing with growing cyber threats.
We surveyed 650+ IT and IT security practitioners in Canada , and found that organizations are experiencing an average of 40 cyber attacks per year and only 37% of organizations believe they are winning the cyber security war. We looked at average spend, cost of attacks, and technologies that are yielding the highest ROI. We also provide recommendations on how you can benchmark your own security posture and what you can do to improve.
Executive Summary of the 2016 Scalar Security StudyScalar Decisions
Executive Summary of the 2016 Scalar Security Study, The Cyber Security Readiness of Canadian Organizations, published February 2016. The full report can be downloaded at: scalar.ca/security-study-2016/
Cybersecurity at a premium: The state of cyber resilience in insuranceaccenture
Accenture’s report finds insurance firms could do more to prevent security breaches and strengthen cyber resilience. Read our report to see how Accenture can help your insurance firm become a cybersecurity leader: https://accntu.re/31i8ic3
In a survey of U.S. technology and healthcare executives nationwide, Silicon Valley Bank found that companies believe cyber attacks are a serious threat to both their data and their business continuity.
Highlights
- 98% are maintaining or increasing resources devoted to cyber security
- 50% are increasing their cyber security resources, preparing for when, not if, cyber attacks occur
- Just 35% are completely or very confident in the security of their company information, and only 16% feel the same about their business partners
In a survey of U.S. technology and healthcare executives nationwide, Silicon Valley Bank found that companies believe cyber attacks are a serious threat to both their data and their business continuity.
Highlights
- 98% are maintaining or increasing resources devoted to cyber security
- 50% are increasing their cyber security resources, preparing for when, not if, cyber attacks occur
- Just 35% are completely or very confident in the security of their company information, and only 16% feel the same about their business partners
Perception Gaps in Cyber Resilience: What Are Your Blind Spots?Sarah Nirschl
Protecting enterprise systems against cyber threats is a strategic priority, yet only 42% of executives are confident they could recover without impacting their business from a cyber event. Find out the hidden risks of shadow IT, cloud and cyber insurance.
How close is your organization to being breached | Safe SecurityRahul Tyagi
Traditional methods are certainly limited in
their capabilities and this is easily proven by
the multitude of breaches businesses were a
victim of, across the globe. The 2020 Q3 Data
Breach QuickView Report revealed that the
number of records exposed in 2020 has
increased to 36 billion globally. The report
stated that there were 2,953 publicly
reported breaches in the first three quarters
of 2020 itself! 2020 is already named the
“worst year on record” by the end of Q2 in
terms of the total number of records
exposed. With the growing sophistication of
cyber-attacks and global damages related
to cybercrime reaching $6 trillion by 2021, we
need a solution that simplifies
cybersecurity.
To know more about breach probability visit : www.safe.security
Managing Cyber Risk: Are Companies Safeguarding Their Assets?EMC
This white paper summarizes the results of a survey done by RSA, NYSE Governance Series, and Corporate Board Member, in association with Ernst & Young, with 200 audit committee members responding on a variety of issues regarding their cyber risk oversight program.
Managing Cyber Risk: Are Companies Safeguarding Their Assets?EMC
This white paper summarizes the results of a survey done by RSA, NYSE Governance Series, and Corporate Board Member, in association with Ernst & Young, with 200 audit committee members responding on a variety of issues regarding their cyber risk oversight program.
Similar to The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure (20)
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.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...
The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure
1. The Currency of Trust: Why Banks and
Insurers Must Make Customer Data
Safer and More Secure
By the Digital Transformation Institute
2. 2
Executive Summary
Are retail banks and insurers a safe pair of hands when it comes to customer data?
Our global survey of more than 180 senior data privacy and security professionals—
as well as 7,600 consumers—found that less than a third (29%) of these organizations
offer both strong data privacy practices and a sound security strategy. In fact, just one
in five (21%) organizations are highly confident that they can detect a cybersecurity
breach.
This picture has so far not unduly affected consumers’ perceptions of the industry.
We found that 83% of consumers trust banks and insurers when it comes to data.
And while one in four institutions have reported being the victim of a hack, just 3%
of consumers believe their own bank or insurer has ever been breached. However,
with the pending General Data Protection Regulation (GDPR), this trust factor is likely
to change as transparency increases. Financial organizations have to reveal a data
breach within 72 hours after the incident.
Banks and insurance firms have a clear incentive therefore to fortify their defenses. As
well as avoiding the prohibitive fines and penalties that will result from compromised
data, protecting privacy offers a strategic business advantage. Addressing security
concerns will drive greater adoption of low-cost digital channels. We found that
security concerns deter nearly half of consumers (47%) from using digital channels. It
will also reduce churn and attract competitors’ customers – 74% of consumers would
switch their bank or insurer in the event of a data breach.
Preparing to be a trusted data steward is no easy task, however. It means raising the
bar on multiple dimensions:
ƒƒ Aligning data practices with consumers’ expectations
ƒƒ Finding innovative ways of providing non-intrusive security to consumers
ƒƒ Building the capabilities required to monitor cyber risks on a real-time basis
ƒƒ Revisiting the data governance model.
Building your reputation for data privacy and robust security is definitely challenging.
But, those who strike the right chord with consumers will enjoy a competitive advantage
over their peers and come out triumphant in the trust game.
3. 3
29%of
organizations
have both
strong data
privacy
policies and
sound security
frameworks
More than two-thirds of organizations
are not prepared to be trusted
stewards of consumer data
2016 was not a great year for data breaches, regardless of what sector you were in1
. In the US, for instance,
it was a year where the number of breaches reached record levels. In this compromised environment, we set
out to understand how consumers view the security and data privacy practices of financial institutions. And,
of course, to understand how these institutions can remedy the situation and become trusted stewards
of consumer data. We surveyed 7,600 consumers across eight countries, and also interviewed 183
senior security and privacy professionals from global banking and insurance organizations (see research
methodology at the end of the document).
One in two banks and insurers have inadequate data security frameworks
or privacy policies
The results from our survey of industry executives do not paint a very flattering picture of security and privacy
practices. We see four categories of players emerging (see Figure 1):
ƒƒ Pace-setters – Have a highly-compliant data privacy policy backed up with a best-in-class security
strategy.
ƒƒ Security-sloths – Have a fairly strong privacy policy but relatively weak security strategy.
ƒƒ Privacy-passives – Have a highly-secure data environment but lag in terms of implementing strong
data privacy practices.
ƒƒ Laggards – Have only basic data privacy and security tactics in place across the enterprise.
Figure 1: How are the banking and the insurance organizations characterized
regarding data privacy and cybersecurity?
HighLow
HighLow
Banking Insurance
StrengthofSecurityFramework
20%
Strength of Data Privacy Policies
Laggards Security-sloths
Strength of data privacy policies vs. strength of security framework
Privacy-passives Pace-setters20%
31%
29%
(N=163) Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
*While the survey covered 183 institutions, only 163 out of these, responded for both the data privacy and cybersecurity parts of the survey,
and so have been considered for developing this framework.
See ‘references’ on page 21 for more details on the framework2
4. 4
What sets‘Pace-setters’apart?
Pace-setters:
ƒƒ Have a sophisticated security intelligence program complementing their breach detection
ability
ƒƒ Are better prepared to respond to a potential data hack
ƒƒ Show greater participation and support from the board on cybersecurity matters
ƒƒ Have better data practices compared to other banks and insurance organizations: audit
and compliance, strong controls for data access, and governance.
Figure 2: How Pace-setters outrank Laggards
Pace-setters Laggards
Have robust and fully automated cyber
threat intelligence capabilities to
proactively identify sophisticated threats
73%
20%
Cybersecurity vision & strategy is
widely understood across the firm; is
a regular board room topic
81%
48%
Update the data consent clause
whenever there is a policy refresh
23%
12%
Annual audits or assessments of data
protection compliance take place
100%
84%
Control procedures to limit external
vendor’s access to personal
information are in place
100%
78%
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
5. 5
Security intelligence processes are missing the mark
Breach detection controls would be significantly
improved if they were backed-up by coordinated
and automated security intelligence systems.
However, only 40% of organizations said they had
fully automated cyberthreat intelligence processes
capable of proactively identifying sophisticated threats.
Instead, organizations are relying on manually patching
together data from a wide variety of sources to create
the necessary intelligence. As a result, response
times lengthen and risk increases. As attacks grow in
complexity,precision,andvolume,manualapproaches
to comparing external and internal intelligence feeds
are no longer adequate. A fully automated threat
intelligence system enables banks and insurance
companies to analyze and understand threats and
prioritize risk on a real-time basis.
Figure 3: How financial services organizations fare on key security and privacy
parameters
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
78%
21%
Retain customer data
even after a person
ceases to be a
customer
Update the data
consent clause
whenever there is
a policy refresh
Data Privacy
21%
49%
40%
Highly confident
of detecting a
data breach
Patching and managing
vulnerabilities on critical
systems takes between
three months to
one year
Have robust and fully
automated cyber threat
intelligence capabilities
to proactively identify
sophisticated threats
Security
Only
40%of
organizations
have fully
automated
cyberthreat
intelligence
processes
Where are banks and insurance organizations lagging?
Breach detection and management is inadequate
Nearly half of financial institutions (49%) take a long
time to patch and manage vulnerabilities— from three
months to one year. The more time it takes to patch
vulnerabilities, the higher the risk of critical systems
being compromised. This is because around half of all
exploitation attempts by attackers occur within 10 to
100 days4
.
Onlyafewinstitutionshaveasophisticatedabilitytoidentify
cyber attacks and manage risks. As Figure 3 shows,
only one in five institutions (21%) are highly confident
about their ability to detect a breach. This is a worrying
sign given the potential business impact. As Christopher
Graham, the UK’s Information Commissioner, says, “The
knock-on effect of a data breach can be devastating.
When customers start taking their business elsewhere,
that can be a real body blow.3
”
6. 6
Insurers lack governance and control
Our multi-year research into the principles of successful organizational digital transformation has
consistently pointed to the importance of strong leadership support from the top. However, if we apply
that principle in the context of cybersecurity strategy, the results are disappointing. We found that the
boards of insurers are playing a passive role when it comes to defining cybersecurity strategy. Less than
half of insurance companies (43%) can point to a board that actively participates in cybersecurity matters,
with a clearly articulated cybersecurity vision and strategy (see Figure 4). This lags banks significantly,
where 71% of organizations have board involvement.
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 4: We have a widely understood cybersecurity vision and strategy and it
is a regular board room topic
Cybersecurity has limited
visibility at board level and
cybersecurity roles and
responsiblities are not properly
defined.
Cybersecurity only has visibility
at the board level if requested
to be an agenda topic.
Cybersecurity vision and
strategy is widely understood
across the enterprise and is a
regular board room topic.
70% 49%
28%
43%
2% 8%
Banking Insurance
7. 7
How prepared are banks and insurers for GDPR?
The GDPR, which comes into force in May 2018, includes a range of important user rights (some
of which already exist): right of deletion, right to be forgotten, right to portability or more stringent
conditions to obtain consent from data subjects. Organizations that fall under the purview of GDPR will
need to make significant adjustments to their operations, data management policies and governance
structures. They will need to evaluate their data-sharing processes to accommodate all the new
requirements, particularly in relation to guidelines such as privacy-by-design, reporting breaches,
lawfulness of processing personal data and data portability.
While compliance will be essential, among executives surveyed only a third (32%) described their
organizationashavingmadestrongprogressinimplementingtherequirementsoftheGDPRguidelines.
The European nations are more prepared than the US. This is not surprising, given that the main
principles of privacy law are already applicable under the current EU Data Protection Directive and
some countries have already implemented laws that embody certain provisions of GDPR. For instance,
the UK’s 2007 Data Protection Act has a provision for banks and insurers to report data breaches to
the local data protection regulator6
. Since 2001, Germany has mandated the appointment of a Data
Protection Officer7
.
Privacy practices need to be strengthened
The General Data Protection Regulation (GDPR)
lays down key conditions5
for lawful and transparent
processing and retention of data by organizations.
The regulation, for example, mandates informed
and unambiguous consent as one of the conditions
for processing data. (For a detailed analysis on
preparedness by country, please see: “How prepared
are banks and insurers for GDPR?”)
Banks and insurers also need to do more to build
a reputation for strong data privacy practices (see
Figure 3):
ƒƒ 78% retain data after a customer has exited the
relationship, of which 62% retain it for as much
as ten years after the customers have left
ƒƒ Only 21% updated the data consent clause in
the privacy policy during a policy refresh.
Only a
third
of the
organizations
have made
strong progress
in implementing
GDPR guidelines
8. 8
The perception gap – consumers are not
aware of the sector’s security weaknesses
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 5: The perception gap between actual occurrence of cyber attacks and what
consumers know
Banks and insurers enjoy a perception advantage:
consumers currently believe they have fortress-like
digital security. But as transparency about breaches
is set to increase, how long will this positive
perception last?
Many consumers still view banks and insurers as
largely impenetrable. Only 3% of consumers said
that their bank or insurer had been subjected to a
cyber-attack or a data breach in the last 12 months.
However, 26% of organizations said they had been
the victim of a hack (see Figure 5).
As Figure 6 shows, this perception gap varies across
countries, with the most pronounced difference in
India (50% perception difference) and the smallest
in the US (9%). In India, the lack of consumer
awareness can be partly explained by the fact that
the concept of data privacy and protection is at a
Have you / your financial institution experienced a data breach?
26%
3%
Whatinstitutions say
Whatconsumers think
3%of
consumers
believe that
their bank or
insurer has
experienced a
data breach
very nascent stage and no guidelines on reporting
of data breaches exist. In comparison, the US has
stricter federal regulatory guidelines on how financial
organizations must notify consumers of breaches,
increasing consumer awareness.
Figure 6: Geographical differences in perception gap between consumers and
institutions on cyber-attacks (percentage point - pp, indicates the extent by which
customers’ perception falls short of reality)
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
23 pp
9 pp
17 pp
20 pp
32 pp
37 pp
50 pp
Average
US
UK
Germany
Spain
France
India
9. 9
However, this positive perception is under threat. With the new GDPR regulations mandating that banks
and insurers report a breach within 72 hours, consumers might discover that banks and insurers are not the
fortresses they thought they were8
.
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 7: Trust in financial institutions is significantly higher than for other sectors
83%
49%
28%
13% 13%
9% 6%
RetailersE-commerce
firms
Telecom
firms
Social
Networking
Sites
Fintech
Firms
Banks
/Insurance
institutions
Alternative
payment
providers
83%of
consumers
consider banks
and insurers
trustworthy
The perception gap explains why consumer trust in banks and
insurers is high
Consumers’ lack of awareness might explain the
high levels of trust they have when it comes to
handling personal data. As Figure 7 shows, we
found that 83% of consumers consider banks and
insurers trustworthy, significantly outperforming
other sectors such as retail or telecommunications.
The level of trust placed in banks and insurers is
consistently high across all age groups:
ƒƒ 78% for Millennials (aged 18 – 34)
ƒƒ 82% for Gen X (aged 35 – 54)
ƒƒ 88% for the baby boomers and the elderly (55+)
10. 10
The benefits of getting security and
privacy right
Addressing security concerns will drive greater adoption of low-cost
channels
Our research shows that security concerns deter nearly 47% of consumers from using digital channels. These
consumers are primarily deterred by the prospect of misuse of personal data, followed by a lack of confidence
in mobile apps (see Figure 8). Addressing security concerns would help attract more consumers online. It
would also help reduce distribution costs, since transaction costs are estimated to be 43 times greater in a
branch than via a mobile channel9
.
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 8: Primary reasons for not using a digital channel
Figure 9: Proportion of consumers who would switch in case of a data breach
Potential
Misuse of Data
Unsecured
Mobile App
Unsecured
Websites
Insurance Banking All
Will not switch Will switch
26% 74%
34%
35%
31%
35%
33%
40%
31%
32%
29%
Potential
Misuse of Data
Unsecured
Mobile App
Unsecured
Websites
Insurance Banking All
Will not switch Will switch
26% 74%
34%
35%
31%
35%
33%
40%
31%
32%
29%
Reducing churn, and attracting customers from competitors
Banks and insurers with strong security and privacy practices can set themselves apart from competitors by
winning consumer trust —65% of consumers in our survey consider privacy and security as extremely important
when choosing their banks and insurers. Organizations with greater levels of trust will be in a strong position to
attract the high number of customers that say they would leave their organization in the event of a breach. We
found that 74% would switch their bank or insurer (see Figure 9).
74% of
consumers
would switch
their bank
or insurer in
the event of a
breach
11. 11
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 10: Likelihood to switch across geographies
Sweden Netherlands Spain India
UK US France Germany
65% 58% 90%
80% 69% 80% 83%
78%
This sentiment is consistent across all ages
–-millennials, Gen X, baby boomers and the elderly—
and also countries surveyed. Potential churn reaches
90% in Spain, 83% in Germany and 80% in France
In a real-life scenario, customers may be less swift
to actually switch, potentially put off by the cost
and the inconvenience of switching providers.
However, even if only a small percentage of
consumers act and move to a competitor, it could
significantly impact the firm.
(see Figure 10). The high percentage of banking
consumers attacked by malware in Spain might
help partly explain customers’ greater willingness to
switch in the event of a data breach10
.
Financial institutions that deploy best-in-class
security and privacy practices will be better
positioned to win over customers from competitors.
They will also be better placed to alleviate the
concerns of consumers following a breach: over
a quarter of customers would be cautious about
further investments or would redistribute assets
to competing financial institutions or non-financial
new entrants (see Figure 11).
90%
of consumers
in Spain would
switch bank in
case of a data
breach
12. 12
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 11: Impact of data breach on transactions
Figure 12: Willingness to trade personal data in return for benefits
I would reduce the number
of transactions I make
I might redistribute my assets
to other financial services
providers to avoid risk
I would be more careful in
making further investments
with the bank
I would change my insurance
representative/agent
35%
28%
28%
9%
Willing
Unwilling
Willing
Unwilling
Willing
Unwilling
Overall
40% 60%
Insurance
36% 64%
Banking
44% 56%
Earning trust will encourage greater data-sharing
making rapid strides. For example, multiple home
insurers in the US are reducing their business risk
by monitoring data from safety devices installed in
consumer homes. In return for this exchange of
data, consumers are being offered discounts on
home insurance premiums. Transparency in the use
of data by insurers –-and the freedom to opt-in or
opt-out of the deal—helps build trust and creates a
win-win situation for bothh.
60%of
consumers
are willing to
trade privacy
in return for
benefits
Financial institutions that enjoy a high degree of
consumer trust will see more consumers willing
to trade privacy in return for benefits. As Figure
12 shows, this was true of 60% of consumers in
our survey. While sentiment varies by age and
nationality (see “Willingness to trade differs by
age and nationality”), there is a clear opportunity
for banks and insurers to offer personalized and
targeted offerings. Some organizations are already
13. 13
Willingness to trade differs by age and nationality
Millennials stand out from other cohorts
Millennials (aged between 18 and 34) are the most willing to share personal data among all age-groups.
Source : Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Figure 13 : Willingness to share personal data
Figure 14 : Millennials are more aware of their data than other age groups
74%
18-34 35-54 55+ Overall
57%
49%
60%
All Millenials Others
Explicit consent was taken
for recommending new
products, most of the time
50%
55%
48%
Explicit consent was taken
for sharing data externally,
most of the time
38%
42%
37%
Reviewed privacy policies
52%
54%
51%
As Figure 14 shows, their awareness of organizations’ data practices might explain their higher propensity to share data.
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Baby boomers and the elderly
have high levels of trust but
are unwilling to share data
Baby boomers and the elderly are the
most unwilling to share data with banks
and insurers. Their reluctance to trade data
can perhaps be linked back to their past
experiences: 45% of consumers in the 55+
age group felt that their bank or insurer never
took explicit consent from them while using
data internally or when shared with third
parties. Not seeking consent in explicit ways
could be a potential deal breaker for this
segment.
Figure 15 : The willingness to trade privacy in return for services also varies across countries
89%
62% 62%
55% 53% 51% 50% 49%
60%
48%
30% 27% 25%
29% 26% 29% 26%
30%
Willingness to trade privacy Composition of millennials
OverallUS UK Sweden NetherlandsGermanySpain FranceIndia
As shown in Figure 15, a combination of cultural nuances and the number of millennials in each country might help explain the
disparities in data sharing across countries.
14. 14
How can financial institutions stay secure,
and trustworthy in an insecure world?
Apply a consumer lens to define
data privacy and security policy
Financial services organizations need to revisit their
data usage and protection strategies through the
lens of the consumer. As an executive recently
told us: “Privacy needs to be as defined by the
customer, not the company.”11
A number of steps will be critical to bring data
practices in line with what consumers want:
Give customers more control: Banks and
insurers need to make the ground rules of data
sharing very clear. This means giving consumers
the choice of opting-in for the data they feel
comfortable exchanging. The GDPR already
mandates clear and explicit consent as one of
the conditions for processing data and banks and
insurers will be forced to cede more control on their
personal data to consumers12
. Those organizations
that are able to do it sooner, and proactively, will be
rewarded with greater trust and higher willingness
to share data.
Communicate sooner and more clearly:
One aspect that stood out from our research
was an un-addressed consumer need for
prompt communication. An overwhelming
majority of consumers (85%) want either instant
communication or to be notified within one day
of a breach. Likewise, 40% of consumers feel
that their financial institution did not communicate
any changes to privacy policy after a breach. This
could have serious implications on how their data
practices are viewed. As Helge Veum, Deputy
Director of Inspectorate (Norwegian data protection
authority), puts it: “Even where the individual
cannot take action following exposure of their
personal data, we deem there is a right to know
which deserves protection13
.” Financial services
organizations also need to ensure that they have
a sound communication strategy in place for any
changes in their policies and, most importantly, in
case a data breach takes place.
Educate customers on security issues: While
consumers are very concerned about security
breaches,theirownactionsdonotalwaysmatchthe
level of concern. In our survey, 43% of consumers
did not report the loss of a credit card immediately
after the incident, and one in five consumers (21%)
never changed login passwords of their banking/
insurance accounts. These behaviors indicate that
there are consumers who have a lackadaisical
attitude to security. They expect their banks and
insurers to shoulder the responsibility of securing
their data rather than taking individual responsibility.
It also raises a vital question about whether
consumers fully understand the risks associated
with these behaviors.
Provide more value for data
exchanges
Our research shows that consumers are broadly
unhappy with the value they get out of exchanging
their data (see Figure 16):
ƒƒ Only 22% are highly satisfied with the services
provided as part of local marketing offers and
personal insurance recommendations
ƒƒ Just 36% of consumers are highly satisfied
with the promise of faster banking transactions
21% of
consumers
never changed
their login
passwords
15. 15
Figure 16: Consumers who are highly satisfied with services offered in exchange
for sharing data
Figure 17: Willingness to trade privacy in relation to value received
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey, Capgemini Analysis
22%
22%
28%
36%
Personal insurance recommendations
Local marketing offers
Personalized services
Promise of faster banking transactions
People highly satsified with the services provided
Moderate Strong Very StrongWeakVery weak
Benefits received in exchange of data
Targeted investment/product offers based on your
location and/or occurrence of an event such as
marriage or birth of a child
Personalized financial planning advice
based on your age and spending profile
Lower pricing on financial products (for e.g.
lower insurance premium based on a better
health profile)
Faster and more secure access
Value to
consumer
Value to banks
/ insurers
Willingness
to share data
52%
47%
37%
30%
Banks and insurance companies need to redesign
the value proposition that they are currently offering
to consumers. A good starting point would be to
carefully analyze what consumers value and what
they do not. We observed that when a consumer
finds value in the services they consume, their
willingness to treat data as a tradable asset goes up
(see Figure 17). For example, willingness to share
data was higher for ‘‘lower pricing on insurance
products’’ (52%) as this option offers more direct
tangible benefit to the consumer compared to
‘‘targeted investment offering’’ (30%).
Over a
thirdof
consumers are
ready to pay
for enhanced
security
16. 16
Figure 18 – Preferred authentication modes
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
49%
18-34 35-54
33%
24%
55+ O
66%
Thumbprint scanning
Retinal scanning
Facial recognition
Voice recognition
9%
18%
7%
Simplify and clarify privacy
policies
The idea that most users do not read privacy
policies is a common belief. But it is only true in part.
In our research, while we did find that nearly half
of consumers (48%) have never reviewed privacy
policies, of which 40% would actually like to do so.
However, one issue holding them back is the way
privacy policies are cloaked in legalese. Privacy
policies should be simple enough for consumers to
understand and transparent enough to help build
trust. While compliance requirements mandate the
use of legal wording, a plain English version of the
privacy policy and how it impacts consumer data
is helpful. The more consumers understand how
their data is being collected, stored and used, the
more they will be willing to share data. Some points
that banks and insurers can look to include in their
privacy policies are:
-- What types of personal data are collected by
the firm?
-- How is the data being used?
-- What are the opt-in and opt-out options
available to the consumers?
-- What practices does the firm have in place to
protect the data?
-- What benefits do consumers get in return for
sharing data?
The task does not end here. Banks and insurers
also need to review their privacy policies at periodic
intervals to ensure that it is in sync with changing
regulations. Any changes to privacy policy should
also be communicated to consumers as soon as it
is implemented.
Provide non-intrusive security
using biometrics
The growing incidence of fraud, and increasing
complexity of malware attacks, will require financial
institutions to adopt a multi-tiered approach to
security.Investmentsneedtobemadeinnewsecurity
technologies such as tokenization, biometrics and
end-to-end encryption. One area that has seen
considerable traction recently is biometrics. It is
already being used by large banks globally to allow
consumers to check account balances and make
payments and there are encouraging signs that
consumers are receptive to it:
ƒƒ A quarter of respondents in our survey are
prepared to use some form of biometrics in
accessing their account, with thumbprint
scanning being the favored option followed by
retinal scanning (see Figure 18).
ƒƒ Respondents see making transactions—such as
paying bills or insurance premiums, or transferring
funds—as the area where they would be willing
to use biometrics (see Figure 19). However, there
was hesitation about using biometrics for large
transactions. Only 12% of those who prefer bio-
metric based authentication were ready to use it
to make transactions over $10,000.
Onein four
consumers are
prepared to use
some form of
biometrics
17. 17
Figure 19 – Preferred application areas for biometric authentication
Figure 20 – Millennials show higher willingness to pay for enhanced security than the rest
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
Source: Capgemini’s Digital Transformation Institute Cybersecurity and Privacy Survey
74%
58%
54%
51%
35%
27%
Voice-based authentication while
talking to call-center executives
Renewing your
insurance policy
Proving your identity to your
insurer while filing a claim
Making
payments abroad
Changing personal
contact details
Making
transactions
49%
18-34 35-54 55+ Overall
33%
24%
35%
We did find that over a third (35%) of respondents
are ready to pay for enhanced security. Of all age-
groups, millennials expressed greater propensity
to pay, signaling that they clearly value privacy the
most and are willing to go the extra mile to guard
it (see Figure 20). Banks and insurers have an
opportunity here to differentiate their privacy and
security offering, leveraging their investments in
new security technologies.
18. 18
To meet the different needs of consumers,
organizations need to implement a three-tier
security and privacy portfolio:
ƒƒ Bronze level: Offers industry-standard
security and privacy solutions at no additional
cost with full compliance to all major regulations
and data privacy standards such as General
Data Protection Regulation , Payment Card
Industry Data Security Standard (PCI DSS),
and ISO 27001.
ƒƒ Silver level: Offers advanced security and
privacy services for clients requiring a higher
level of data privacy and security standards.
This level of service can be offered to
consumers who would be willing to pay for
enhanced security and/or are willing to share
their personal data.
ƒƒ Gold level: Offers premium security and
privacy services (full anonymization in markets
where it is not mandated by law, no sharing
even if permitted by law, etc.) for a very limited
amount of clients who are very sensitive to
these issues.
As they introduce advanced authentication
solutions, banks and insurers will also need
to strike a balance between convenience and
security. Inconvenience or delays in authentication
are significant barriers to adoption14
. Those banks
and insurers who are able to implement ‘easier to
use and secured authentication techniques’ will
see more traction—and increased trust—from
consumers.
Automate cybersecurity
intelligence
Organizations will need to automate their security
intelligence and make it more relevant, actionable,
and real time. Automated intelligence built on
advanced analytics platform is transforming the
future of cybersecurity. Software vendors are also
beginning to introduce tools that blend automation
with cognitive approaches.
Moreover, automating security intelligence helps
an organization’s security operations center (SOC)
to improve the effectiveness of security monitoring
systems and reduce incidence response time15
.
Strengthen governance and security
standards, from the top
Combating cyber risk requires more than just innovative
technologies. Organizations must integrate business
objectives with security and privacy priorities, managing
digital risk across the enterprise (see “Why financial
institutions must move towards industrialized ‘Digital
Security’”). To make this happen, boards need to get
actively involved, particularly in insurance organizations,
where less than half have a board that is actively engaged
in cybersecurity matters. Boards must co-ordinate the
approach with the entire executive management team—
not just the CIO—and empower the Chief Privacy Officer
(CPO) to bring security to the top of the strategic agenda.
They need to be clear that management has a defined
perspective on the impact of a cyber-incident on the
business and the skills, resources, and approaches to
minimize its likelihood. Boards also need to work closely
with the management to foster a culture where privacy
and security principles are ingrained and becomes a part
of everyone’s job.
In terms of governance, responsibilities need to be
clearly demarcated, with distinct reporting lines between
implementation teams and risk governance and
management teams to ensure no conflict of interest:
ƒƒ The implementation team is tasked with the technical
and operational aspects of cybersecurity and data
protection and act as the first line of defense inside
the IT department and using outsourced security
services
ƒƒ The (digital) risk management team covers aspects
such as maintaining policies and procedures,
monitoring effectiveness of cybersecurity and
data protection controls, and ensuring regulatory
compliance and reporting. They can serve as the
second line of defense closer to business lines
ƒƒ Internal audit is required to regularly review the
activities of the first and second line of defense to
ensure that the controls in place are functioning
accurately16
.
Regulatory focus on cyber issues is increasing –
with examples including the EU-wide Network and
Information Systems (NIS) directive on cybersecurity17
andproposednewregulationsintheUSoncybersecurity
practices for banks with assets greater than $50bn18
. It is
important, therefore, for financial institutions to continually
review their risk management practices. They also
need to consolidate their approach to demonstrating
compliance. This includes unified controls frameworks
(multi-standard) and Governance, Risk and Compliance
tools to implement continuous controls monitoring.
19. 19
Why financial institutions must move towards industrialized
“Digital Security”
The evolving risk landscape, and the global nature of banking and insurance businesses,
require a different approach – one that takes a more comprehensive view of digital risks. The
traditional approach of information security, which relies more on technology and systems,
must give away to a more business and data-centric approach called “Digital Security.” Digital
Security encompasses all cyber threats (intrusion, abuse, sabotage, loss, theft, leaks and
denial of services) and impacts. It has a strong focus on reputation, people and operations
and encompasses cybercrime and fraud management, (physical) security and information
protection, privacy and safety, business continuity and reliability.
From a governance perspective, the Digital Security program must be managed at a senior
level in co-ordination with local security platforms within business lines and IT departments.
The objective should be to break down silos, managing risks consistently. The transformation
to digital risk management will rely on an industrialized threats-vs.-solutions analysis and
processes with global data protection and privacy policies and monitoring activities.
.
Source: Pierre-Luc REFALO, Capgemini Cybersecurity Unit-Global Head of Strategic Consulting, La sécurité numérique
de l’enterprise, 2013
CONCLUSION
Banks and Insurers have reaped a perception
dividend on privacy and security issues that
other industries have not enjoyed. However,
this advantage is under threat as transparency
increases and consumers become more aware
of breaches that do occur. If organizations do
not take proactive steps to enhance security and
privacy, consumers will quickly realize that their
high levels of trust are perhaps misplaced, with
significant consequences for the sector. Banks and
insurers should consolidate their position as the
trusted custodians of consumer data. They need
to reinforce their cybersecurity defense program
with state-of-the art security intelligence and
breach detection capabilities. This, however, must
be coupled with the right data practices if security
investments are to deliver upon their potential. With
this integrated approach, banks and insurers can
continue to earn their customers’ trust and build
a winning skillset in a world where the amount of
data that flows between them will only increase.
20. 20
Research methodology
Capgemini conducted two global surveys to understand consumer perceptions and preferences and to gauge the state
of institutions’ data privacy and cybersecurity measures:
ƒƒ A survey of retail banking and insurance consumers
ƒƒ A survey of senior data privacy and security executives from banks and insurers.
The survey answered the following key questions:
ƒƒ How do consumers perceive the way banks and insurance firms are handling their personal data?
ƒƒ Are there any gaps between consumer perceptions and organizations’ actions on data privacy?
ƒƒ Are consumers willing to trade privacy for more convenience?
ƒƒ What are the types of data that consumers are willing to share and the convenience they are looking for in return?
ƒƒ Are organizations set up to handle consumer data in a secure way?
ƒƒ How ready are organizations to comply with General Data Protection Regulation?
ƒƒ What steps can organizations take to strengthen consumer data privacy and security?
Consumer survey
We surveyed 7,600 consumers from eight countries across all age-groups (18 years to 55+ years) and income types
to understand their data usage behavior, privacy preferences, data usage expectations and trust levels with handling of
personal data. The online survey took place between September 2016 and October 2016.
Institutional survey
We surveyed 183 senior data privacy and security professionals from retail banks and insurance firms with 40% of organizations
having global revenues of greater than $10 billion—to understand their data practices and cybersecurity strategies. The survey
was conducted across six countries and three continents. The online survey took place in October 2016.
Split of respondents by geography
Sweden Netherlands Spain
UK US France Germany
11% 11% 11%
10% 24% 11% 11%
India SpainIndia
FranceGermany
5%
UKUS
34%
15%
Survey of 7,600 consumers across 8 countries, on key
data privacy and security-related issues. Both banking and
Insurance consumers across all ages and income-types
participated in the survey.
Survey of 183 senior data privacy and security professionals
from banks and insurance firms with 40% of organizations
having global revenues of greater than $10 billion. The
survey was run across six countries and three continents.
Consumers Financial Institutions
12%14%20%
11%
Split of respondents by sector
Consumers
Banking
Insurance
Financial Institutions
Banking
Insurance
63%37% 69%31%
21. 21
1 American Banker, “Customer Data Is a Liability”, January 2017
https://www.americanbanker.com/news/customer-data-is-a-liability
Financial Times, “Cyber attacks against UK financial industry on the rise — FCA”, September, 2016
https://www.ft.com/content/66c95bc0-71b8-3adc-9e35-bef3e67b9292
2 Strength of Data Privacy policies – Assessment parameters
-- Governance and Design assesses if data privacy has been embedded as a design guideline in the digital initiatives,
level at which data policies are handled and if there are CXO level executives looking after data privacy.
-- Internal Access relates to the policies on access to customer data by internal stakeholders and training and awareness
programs.
-- Storage, retention and consent identifies if the institutes have policies in place for storing as well as deleting customer
data and if requisite consent from customers is taken for using their personal data.
-- Legal and compliance checks if the data processing activities have a legal basis, if the privacy policies are frequently
reviewed and also the state of readiness of the companies with respect to GDPR.
-- Audit and control examines whether policies on access to data by external vendors are in place, how frequently these
are reviewed and if the policies are audited and assessed.
Strength of Security framework – Assessment parameters
-- Governance looks into the role of cybersecurity in the organization and its relative importance.
-- Security Budget identifies if importance has been given to cybersecurity in the organization’s budget.
-- Security Intelligence assesses the organization’s capabilities in handling various cyber threats.
-- Breach detection and management looks at the organization’s abilities regarding data breaches and their
preparedness in the event of a data breach.
3 The Cyber Rescue Alliance Library Quotes
http://www.cyberrescue.co.uk/library/quotes
4 Verizon, “2016 Data Breach Investigations Report”
http://www.verizonenterprise.com/verizon-insights-lab/dbir/2016/
5 (a) the original purpose for collecting personal data is not over; (b) the data subject has given consent; (c) the processing is
necessary for compliance with a legal obligation or to protect the vital interests of data subject; or (d) to protect the legitimate
interests of data controller
6 ICO, “Notification of data security breaches to the Information Commissioner’s Office (ICO)”, July 2012
https://ico.org.uk/media/for-organisations/documents/1536/breach_reporting.pdf
7 The Privacy Advisor, “What will mandatory DPOs look like under the GDPR? Germany could tell you”, June 2016
https://iapp.org/news/a/what-will-mandatory-dpos-look-like-under-the-gdpr-germany-could-tell-you/
8 European Digital Rights, “Key aspects of the proposed GDPR explained”
https://edri.org/files/GDPR-key-issues-explained.pdf
9 The Financial Brand, “Mobile Banking Usage to Double”, August 2015
https://thefinancialbrand.com/53431/global-mobile-banking-usage-study/
10 Kaspersky, Security bulletin, 2015
https://securelist.com/files/2015/12/Kaspersky-Security-Bulletin-2015_FINAL_EN.pdf
11 Capgemini Consulting, “Digital Transformation Review N’ 6 - Crafting a Compelling Digital Customer Experience”, August 2014
https://www.capgemini-consulting.com/digital-transformation-review-6
12 European Digital Rights, “Key aspects of the proposed GDPR explained”
https://edri.org/files/GDPR-key-issues-explained.pdf
13 The Cyber Rescue Alliance Library Quotes
http://www.cyberrescue.co.uk/library/quotes
14 Financial Times, “Banking biometrics: hacking into your account is easier than you think”, November 2016
https://www.ft.com/content/959b64fe-9f66-11e6-891e-abe238dee8e2
15 BetaNews, “The ‘age of automation’ can benefit the security landscape”, November 2016
http://betanews.com/2016/11/30/security-age-of-automation/
16 ISACA, “The Three Lines of Defence Related to Risk Governance”, 2011
http://www.isaca.org/Journal/archives/2011/Volume-5/Pages/The-Three-Lines-of-Defence-Related-to-Risk-Governance.aspx
17 Financier Worldwide, “Europe’s new cyber security directive”, March 2016
https://www.financierworldwide.com/europes-new-cyber-security-directive/
18 CNBC, “Regulators order banks to brace for cyber attacks”, October 2016
http://www.cnbc.com/2016/10/19/regulators-order-banks-to-brace-for-cyberattacks.html
References
22. 22
Discover more about our recent research on digital transformation
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23. About the Authors
Jerome is head of Capgemini’s Digital Transformation Institute. He works closely with industry leaders and
academics to help organizations understand the nature and impact of digital disruptions.
Jerome Buvat
Head, Digital Transformation Institute
jerome.buvat@capgemini.com
@jeromebuvat
The authors would like to especially thank Ramya Krishna Puttur from Capgemini Consulting’s Digital Transformation Institute
for her contributions to this report.
The authors would also like to thank Apoorva Chandna from Capgemini’s Digital Transformation Institute; Nathalie Laneret,
Capgemini Group Data Protection Officer; Ron Tolido, Global CTO, Insights & Data, Capgemini; Ashvin Parmar, Harbir Brar,
Nilesh Vaidya, Kevin Hart, Ian Campos from Capgemini North America; Clare Argent, Srikant Kanthadai, Sandeep Kumar,
Jelger Groenland, Ralf Teschner from Capgemini UK; Rutberg Klas from Capgemini Consulting Sweden; Erik Hoorweg,
Albert Holl, Andre Walter, Melle van den Berg from Capgemini Consulting Netherlands; Isabelle Budor, Stanislas De Roys,
Jean-Charles Croiger from Capgemini Consulting France; and Markus Filkorn from Capgemini Consulting Germany for their
contribution to this research
Digital Transformation Institute
The Digital Transformation Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on
the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini
experts and works closely with academic and technology partners. The Institute has dedicated research centers in the United
Kingdom and India.
dti.in@capgemini.comDIGITALTRANSFORMATION
INSTITUTE
Zhiwei is the Global head of financial services insights and data at Capgemini. He is based in London.
Zhiwei Jiang
Global Head of Financial Services Insights & Data, Capgemini
zhiwei.jiang@capgemini.com
Kunal Kar
Pierre-Luc REFALO
Subrahmanyam is a senior manager at the Digital Transformation Institute. He loves exploring the impact of
technology on business and consumer behavior across industries in a world being eaten by software.
Kunal is a manager at Capgemini’s Digital Transformation Institute. He tracks the impact of digital technologies on the financial
sector and helps clients on their digital transformation journey.
Pierre-Luc has more than 25 years in info & cybersecurity consulting business development. He is an author
and speaker in international events.
Subrahmanyam KVJ
Senior Manager, Digital Transformation Institute
Manager, Digital Transformation Institute
Director, Global Head of Strategic Cybersecurity Consulting, Capgemini.
subrahmanyam.kvj@capgemini.com
pierre-luc.refalo@sogeti.com
kunal.kar@capgemini.com
@Sub8u
Maliha Rashid
Maliha leads the cybersecurity practice for Capgemini Consulting in France. She has 14 years of experience in cybersecurity
and works with major banks on their cybersecurity programs.
Principal, Cybersecurity Leader, Capgemini Consulting France
maliha.rashid@capgemini.com
23