The global financial sector is expected to be worth USD 26.5 trillion in 2022, growing at a CAGR of 6%. To date, new business models and cutting-edge technologies have profoundly disrupted the banking and insurance industry.
As customers become more digitally aware of solutions provided by businesses outside banking and insurance markets, they are seeking more customer-centric, digital solutions from these industries.
In the digital era’s experience economy, people buy experiences and emotions rather than actual products and services. Unfortunately, from the customer’s perspective, banking and insurance industries do not exactly evoke a positive emotion.
It is long overdue for insurers to address their deep-rooted negative image by giving their product, services, and business operations an overhaul in general.
The future of work, disruption by insurtech (insurance technology) companies, and rising labor costs are important challenges that insurers must address if they are to remain competitive.
Leave with a comprehensive overview of the opportunities, challenges, and trends to watch in the coming year.
This whitepaper gives a comprehensive overview of the financial services and the insurance sector:
Some of the topics covered in this document include
Download this whitepaper to get an overview of the outlook and trends of the banking and insurance market based on our in-house market research expertise.