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2021 FinServ and Insurance Industry Outlook: 4 Trends and Themes to Expect

by Kelsey Winick
January 7, 2021
in Banking, COVID-19, Digital Transformation, Insurance
Reading Time: 4 mins read
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FinServ and Insurance
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Over the past year, the FinServ and insurance organizations (FSI) had to shift their business strategies because of the COVID-19 pandemic. The recent Sitecore survey, AI & Digital Transformation: How has COVID Affected CX? shows that there has been a 78 percent increase in self-service and mobile use in the FSI sector and that these new technologies are here to stay.

In a recent webinar, Sitecore’s Jacqueline Baxter, Senior Digital Strategist, and Nancy Lee, Principal Product Manager, had a discussion about self-service and mobile usage, AI integration, centralized content management, and digital transformation in relation to FSI and the COVID-19 pandemic. Read on to learn more.

FinServ and Insurance

    1. Self-Service and Mobile Usage

Evidently, self-service works when it comes to banks and other FSI organizations. Since the start of the pandemic only 16 percent of FSI providers saw a rise in customer service calls.

“This trend will continue as customers become even more comfortable with self-help tools,” said Baxter. While customers have embraced self-service, banks will need to continue to improve their experience by prioritizing personalization and enhanced mobile experiences.

Baxter predicted that we’re only going to see more sophisticated omnichannel self-service portals and chat tools.

“To stay competitive and to deliver omnichannel personalized experiences, FSI organizations need to focus on centralized content marketing tools,” Baxter said.

2. AI Integration

While 92 percent of FSI organizations are discussing AI, just over one-third of agencies are implementing AI technologies. These organizations will be able to better identify customer trends in large data sets and improve and scale personalization.

Baxter shared that these agencies need “a holistic and single-strategy approach to personalization. One that incorporates both rules-based and AI-based personalization depending on the situation by leveraging AI in marketing operations.”

3. Centralized Content Management

Many organizations are struggling to achieve business agility and siloed departments may be to blame. “Almost half the organizations said their Content Marketing Systems are siloed by respective departments,” said Baxter.

This inhibits efficient collaboration within organizations that is needed to create an effective content supply chain. With the right Content Marketing Platform, organizations will be able to take advantage of their current technology.

4. Digital Transformation

Through digital transformation, AI-as-a-Service will allow marketing teams to automate personalized experiences, create predictive insights, and have content ROI.

“With automated personalization and segmentation, the ROI on your content increases the investments by always displaying the most relevant content,” Lee explained.

By creating centralized content management and scaling personalization through AI, FSI organizations will be able to gain a competitive edge. FSI organizations that manage their content lifecycle from end-to-end will see success in 2021.

Ready to start your year off with industry research? Click here to learn more about the shift in customer experience and FSI due to COVID-19 .

Tags: AIcontent managementCOVID-19FSIself-serviceSitecore

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