Customer value: a major challenge for financial services
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Customer value: a major challenge for financial services

In today's highly competitive world with its increasingly restrictive regulatory framework, the need to put customers at the heart of insurance industry concerns has become a major challenge.

At its Fifth European Symposium held at Versailles on November 9 and 10, BNP Paribas Cardif invited its partners to identify opportunities for developing customer value.

The theme for this year's event was Value for money, Money for value.

 

 

A new era for bancassurance

The financial services industry is having to come to terms very quickly with new challenges that will have a very significant impact on its financial model:

- industry regulators are taking an increasingly interventionist stance with the intention of ensuring the stability of the global financial system through the introduction of new prudential standards (Basel 3 and Solvency 2), and improving protection for consumers. Right around the world, regulators are giving voice to their wish to see fair treatment for end-user customers

- consumer behavior is changing. As users of online channels (Internet, social networks, etc.) and off-line channels, they expect responsiveness, a tailormade response  (to their needs) and a return on their investment (performance)

- now a structural reality as a result of sovereign debt and lack of liquidity, the global financial crisis brings with it a new mistrust of banks in terms not only of their stability, but also of their ability to finance economies

We are also entering a new and more complex paradigm in which one of the major challenges is to invent new models that will drive sustainable growth by delivering on a single promise: customer value.