Surviving and thriving in the era of Internet giants and Financial Technology startups
Banks and insurance companies can win the fight against new competitors by accelerating the digitization path they have been on for some time, and enriching it with the tools of the newcomers’ trade - namely, data science, big data and algorithms. As they do so, they should also make maximum use of their unique assets, including talent with much sought after expertise in mathematics and statistics, deep subject matter knowledge sorely lacking in many data science endeavors, a massive, largely untapped reservoir of customer data, and a network of physical branches and offices that can deliver a human edge in the quest for meaningful, multi-channel and multi-sensory customer experiences.
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