Technological infrastructure is key
It is a fact that the financial sector is entering an era of diversified and more customer-centered services. The use of new solutions and infrastructure is indispensable, as they will enable banks and insurance organizations to offer this new generation of services. Big data, Internet of Things and cloud services are just a few of the terms that are now being used by the financial community, while IT security is a high priority for everyone.
The necessary infrastructure includes hardware as well as business software products and solutions which are generally considered as the key for the next generation of services that companies will offer, while at the same time they will help improve customers’ experience and reduce operational costs.
The new phygital store
The widespread use of digital technologies in banking services does not mean that brick-and-mortar banks will be replaced. On the contrary, the variety of options that digital tools offer will radically change and improve customers’ experience inside the physical banks.
In Greece, banks have started adopting this new approach and there are already branches where digital technologies offer a higher level of services to consumers.
Developments in payment methods
Capital controls have motivated consumers in Greece to make more use of digital methods of payment and 2017 is expected to bring many developments in this area.
First, POS devices are now available in points of sale where no one would have predicted, such as kiosks. Furthermore, an increasing number of freelancers is starting to use them, while delivery employees of restaurant chains are now equipped with portable terminals so that customers will have the option to make card or smartphone payments. Consumers are becoming familiar with mobile solutions and the sight of someone paying at the supermarket with his phone is no longer so surprising.
At the same time, new services such as P2P payments have emerged and the use of digital ways to transfer money has become more frequent. Digital wallets are here to stay, while fintech startups have started appearing in Greece, with the support of the systemic banks. In general, banking services are constantly being enhanced.
New models in insurance
The use of digital technologies is the key for all insurance firms that are trying new business models, such as “pay as you use” and “pay as you go”.
Wearables, Internet of Things and Big Data are terms with which insurance companies are becoming increasingly familiar, as they are aware that they are the only means that will allow them to adapt to the consumers’ new needs and demands.