Blockchain technology became known worldwide thanks to the Bitcoin bubble at the end of 2017, and was immediately praised for its great potential for the financial sector. Risk management, payment transactions, international cooperation – there is virtually no domain in which blockchain has no potential applications. The crypto currency now leads a quieter existence, but the superior security, transparency and enormous time savings that blockchain offers will result in new winners in the banking and insurance industries.
A second game changer is big data. The collection and analysis of big data provides the foundation for more personal and better-priced services.
In addition to these two major trends in digitization, the customer approach is also changing. It now has to be multi-channel, with personalized self-service dashboards and customized products. Only want to insure your yacht when it leaves the port? This will be possible soon.
Forward-thinking banks and insurance companies are currently taking major steps towards cloud computing to increase their effectiveness through the use of the Internet of Things, artificial intelligence, blockchain and big data.
“We are able to work in a more focused and accurate manner, since our investment managers and other employees can request the status of dossiers at any time”
- Theo Donné, Financial Director, LRM