Innovation can offer incredible rewards. From new products and services to new digital business models, organizations can enhance the customer experience, retain customers and attract new ones, while simultaneously reducing costs to serve and improve risk management.
A view from Wei Ng – High Growth Markets and Innovation Lead, Global Financial Services, KPMG International.
There is an exciting new paradigm for financial institutions and corporate development strategists. It is shaped by the acceleration of mega trends, evidenced by seismic shifts in technology, social values, demographics and the environment. Additionally, financial technology challengers are entering the market, eating away at traditional business models for banks, insurers and wealth managers. These factors are impacting the financial services industry and the real economy it exists to serve, creating disruption and opportunity.
To respond to such changing dynamics, many financial institutions are leveraging external partnerships to innovate more quickly.