The organisations today need to understand the power of technology and also how it should be addressed to the customers in a seamless manner. With technology changing rapidly the needs of the customers are also changing. For the success of any company it is mandatory to understand the expectations of the customer, says Philips Eapen, Head BFSI, SAP India Sub-continent.
If we look back into history, the telephone industry took 75 years to launch itself whereas Pokemon took 19 days to reach to the population of billions. This is only because of technology advancements. When the products and services are being rendered in a mode which is easily accessible, relevant and is in tune with what the customer is expecting, it can reach to masses in a short period of time, Easpen said.
Citing the example of digital disruptions and how a future of a company depends on their ability to match with the expectations of the customer, he said, in 2004, the company named blockbuster, which was into renting videos, CDs, DVDs came in. It was one of its kind in the market. However, then Netflix came and started with the same model, but they leveraged digital in a very different manner. By 2015, the blockbuster company vanished with Netflix taking the lead. This happened because Netflix was able to reach the expectations of the customer.
Talking about the Neo-banks he said, ” The Neo- banks are gaining huge traction because of the technologies they are offerings, the user experience or the consumer experience they are giving. The neo-insurers are changing the game by introducing the products which the traditional insurers do not have.”
According to Mckinsey and Company, by 2025-28 the banking, insurance or wealth management need will remain but the current form will not remain. It is going to be an ecosystem play of offerings products and services. For example, if you see wealth and protection, it is going to have a combination of multiple things from retail brokerages to banks to health care that’s where things are converging and we see this happening already.
