Our banking and insurance clients are seeking new sources of growth and an improved return on equity in mature markets, whilst their customers digital expectations continue to grow. Ecosystems business models orchestrate value-add components from multiple firms to deliver customized, convenient and proprietary customer solutions on an open architecture platform. The co-creation of value allows an incumbent firm with a core platform to better monetize their existing customer base, whilst enabling the complementing firms to deliver niche API-driven capabilities with a lower cost of customer acquisition. The technical readiness of firms for this evolution is underpinned by open architectures, API-first solutions, stronger customer identity profiling, and more powerful distributed storage and data science capabilities.
The program draws on Synechron’s Digital, Business Consulting and Technology expertise to build the new, critically-necessary digitally-forward, IT architectures that allow banks and insurance companies to be fully aligned with multiple, often siloed, operating business divisions/units. These tools also empower participants to foster deeper, greater revenue-generating customer relationships, and almost instantly engage with clients within the digitally enhanced landscape.
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Digital Ecosystems Accelerator Video