There are exciting times ahead as technology trends are poised to transform the financial services and insurance industries. As legacy models become a thing of the past, this innovative change will bring new operating models, approaches, and training to propel the industry forward.
Cloud computing is a game-changing innovation for maintaining corporate agility, on-demand innovation, securing sensitive data, tracking assets, expenses, and more. The global finance cloud market size is expected to reach $101.71 billion by 2030. However, almost 80% of banks globally remain in the early stages of cloud adoption initiatives. Getting on board now is sure to create the industry leaders of tomorrow.
Big Data and Artificial Intelligence (AI) are unlocking a 360-degree view of customers, segments, demographics, and behaviors. By leveraging this deep level of data, financial institutions can provide tailored solutions and build more meaningful relationships. This is a huge opportunity as the financial services sector is predicted to reach $28.53 trillion in value by 2025.
Next-gen cybersecurity is a top priority as cybercrimes are estimated to reach a cost of $10.5 trillion a year by 2025. Solutions leveraging real-time predictive methods such as Machine Learning (ML) and behavioral analysis are key to boosting prevention, speed, and efficacy to help protect insurance organizations and their clients from security breaches.
The metaverse is providing training environments to upskill insurers. Early adopters in the insurance space are already educating workers using Augmented Reality (AR) and Virtual Reality (VR) technologies. Controlled, lifelike environments are simulating everything from climate disasters to pandemics, resulting in employees that are better prepared to deal with these catastrophes.
As your organization’s needs continue to evolve, the importance of bringing your people together to create new solutions, educate teams, influence stakeholders, and connect with thought leaders is greater than ever. The collaboration, ideation, and networking that comes from in-person meetings, global team events, and incentive travel programs will boost the ability to address these new business challenges.