The Global SAP FSI Forum was held in London this year. More than 300 customers from the financial services industry have been together and exchanged information at this year’s SAP Forum, supported by NTT DATA as SAP Global Service Partner.
This year’s Forum was clearly a ‘Thought Leadership’ exchange and presented the areas in which the financial services industry needs to invest in the future. The trends are heading towards automation through Artificial Intelligence, FinTech, Data Management and Analytics.
Dr. Marcus Winter from the MunichRe, for example, explained in a panel discussion that they also rely on Telematics – less by networking with the vehicle or a separate box, but rather by mobile phones. The mobile phone of each driver generates much more detailed and personalized data, which is also of interest to reinsurance.
In banking, the experts agree that payment technologies and payment channels will continue to influence customer behavior in the future. Payment processes have to become more direct, more flexible and faster. Anyone who offers innovative products and services along with customer’s needs will “own” the customer and his most important asset: data.
In an interview with Chris Long, Leeds Building Society, and Rainer Walke of NTT DATA, the consensus has been, that data management and the corresponding evaluation of the data are crucial for the future success, when security is ensured in an adequate way. Unfortunately cybercrime is a constant companion of the new technological trends.
“In order to be able to use the collected customer data for big-data analyzes, machine-learning applications or applications with artificial intelligence, the customer’s permission is required. This will lead to an incentive based approach in the market for financial services, as customers will not provide their data without consideration.” said, Dieter Loewe, Managing Director & Head of Financial Services of NTT DATA Germany.
Using these data intelligently will bring a decisive advantage in the future, close to the customer and to his Customer Journey. SAP would like to help answer this question.
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