Seismic change has rocked the media and entertainment industries in recent years. To understand the fall out from this digital upheaval, MarkLogic and Marketforce commissioned a survey of more than 100 senior executives. We found an industry that has coped well with recent shock waves but still has much work to do to ride out the next wave of disruption.
What is a bank? The definition is in flux. As the regulatory-driven Open Banking agenda powers innovation and accelerates the fragmentation of a heavily concentrated banking market, incumbent banks must act quickly to stay relevant. As customers look far and wide to satisfy their financial needs, some are questioning the need for a bank at all.
Innovation, InsurTech, the Internet of Things, the connected home/car, the sharing economy, blockchain, cyber, reputational loss - these are the buzzwords of the moment and sum up the challenges facing the insurance market. How can a traditional, process-orientated and legacy-bound industry embrace new technology, new ways of thinking, and a truly customer-focused, customer-driven approach?How can it attract and retain innovative staff that think differently and are not by their very nature process-focused?
Banks are under intense pressure. They face a perfect storm of low interest rates and investment yields, new regulatory requirements and now the uncertainty of Brexit at the very same time that customers are notably becoming restless. Competition is intensifying as challenger banks and FinTech start-ups threaten traditional value chains, while technology is developing at a dizzying rate, with game-changers such as blockchain and artificial intelligence threatening even to overhaul the industry as we know it.
The digital revolution has unleashed a re storm of innovation and disruption. No industry is immune, no company exempt, from the challenge posed by digitally-savvy start-ups prepared to rewrite the playbook. The good news for established players is that they can similarly harness ever-evolving digital technologies to re-invent their businesses and then disrupt the disruptors.
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